Bitcoin has recently experienced a notable rally, pulling the price back above $90,000 after over five weeks of stagnation. As of now, Bitcoin is trading near $94,401, just shy of the critical $95,761 resistance.
This suggests that Bitcoin is not yet at its saturation point, with further upward momentum possible if key barriers are breached.
Bitcoin Investors Are Greedy
The market sentiment surrounding Bitcoin remains overwhelmingly positive, with investors showing high levels of optimism for further price gains. Social media posts indicate a sharp spike in bullish sentiment, with the number of optimistic (versus bearish) posts reaching levels not seen since the night of Donald Trump’s election on November 5, 2024. This surge in positivity suggests that many investors are poised to capitalize on Bitcoin’s potential growth, further fueling its rally.
However, the extreme level of greed in the market raises questions about the sustainability of this upward movement. As investor sentiment becomes increasingly optimistic, there is a risk that this could lead to a local top if too many traders become overly greedy.
The broader macro momentum for Bitcoin is signaling a rebound, particularly in the Profit/Loss (P/L) ratio, which is nearing a neutral 1.0 level. This shift indicates a balance between coins in profit and those in loss. Historically, the 1.0 threshold has acted as resistance during bear phases, but a sustained move above this level could signal a stronger recovery and continued upward momentum for Bitcoin.
While the shift towards a neutral P/L ratio suggests potential strength, it also opens up the possibility of selling pressure as investors look to lock in profits. Therefore, Bitcoin’s ability to maintain momentum will depend on how investors react to price movements and whether they decide to sell or hold their positions.
Bitcoin’s recent price action shows a 10% increase in the last seven days, trading at $94,401. The crypto king is now just below the significant $95,761 resistance level, which has been holding steady for some time. A break above this level would set Bitcoin on track to reach new highs, with $100,000 as the next major milestone.
Should Bitcoin breach $95,761, the growing greed within the market will likely encourage investors to hold their positions rather than sell. This will likely feed the altcoin’s bullish momentum, pushing Bitcoin further toward $100,000 as demand remains strong among traders eager to capitalize on potential gains.
However, if Bitcoin fails to maintain its position above $93,625, the price could fall toward the $91,521 support. A deeper decline to $89,800 could put the bullish momentum at risk, delaying any immediate recovery and increasing the chances of a consolidation phase.
The non-fungible token (NFT) sector experienced explosive growth in 2021. Artists, investors, and collectors were all swept up in the frenzy. Yet, its meteoric rise was followed by a downturn, prompting questions about the sector’s sustainability.
Alexander Salnikov, co-founder of Rarible, believes the market is not facing a collapse but rather a shift. In an exclusive interview with BeInCrypto, Salnikov offered his perspective on the state of NFTs in 2025 and their role moving forward.
Are NFTs Still Relevant in 2025, or Have They Run Their Course?
The rise of NFTs, fueled by excitement and speculation, was inevitable for a market experiencing such rapid innovation. Nonetheless, like many emerging technologies, this early surge was followed by a correction. The hype gave way to the realities of market maturation and sustainability.
According to the latest report by DappRadar, the art NFT market saw an impressive surge in 2021, with trading volumes reaching $2.9 billion. However, by the first quarter of 2025, the trading volume was recorded at just $23.8 million, marking a 93% decline.
NFTs Trading Volume Over the Years. Source: DappRadar
Similarly, the number of active traders peaked at a record high of 529,101 in 2022. Yet, this figure sharply declined by 96%, with just 19,575 active traders remaining by Q1 2025.
A previous industry report from DappRadar revealed that the underwhelming performance wasn’t just a trend in 2025. In fact, 2024 was one of the worst-performing years for the NFT market since 2020. In addition, BeInCrypto also reported on a study that revealed 98% of NFT projects launched in 2024 were essentially “dead.”
Despite the decline, Rarible’s Salnikov has maintained a positive outlook for the sector. He emphasized the importance of a clear purpose when it comes to NFTs.
“Once upon a time, after the .com burst, the headlines rang that the internet was only a fad. But as more companies integrated the technology into everyday use cases, it became ingrained as a part of life,” he told BeInCrypto.
“The speculative phase had its moment, but now we’re watching NFTs evolve into actual infrastructure—tools creators use to build communities, products, and new digital economies,” he said.
NFTs Beyond the Hype: Unlocking Real-World Utility
Salnikov stressed that utility in the NFT space is no longer a distant concept—it is happening right now. Creators are using NFTs for membership, brands for loyalty programs, and games for player identity.
He pointed to a growing convergence between the digital and physical worlds, with NFTs being tied to merchandise, events, and even real-world assets. Binance Research’s April 2025 report further corroborates this trend.
The report spotlighted several real-world partnerships, indicating interest in NFTs. Examples include Azuki’s physical-backed NFT with Michael Lau, The Sandbox’s Jurassic World collaboration, EGGRYPTO’s anime characters with Eparida, and Sony’s Soneium platform partnering with LINE to create Web3 mini-apps.
“The next wave of growth isn’t about chasing a trend—it’s about unlocking new types of ownership and access that feel native to the internet generation,” noted Salnikov.
While this perspective offers optimism, the reality for many companies is quite different. Due to low trading volumes, major platforms like Bybit, X2Y2, and Kraken have resorted to discontinuing their NFT services.
Those that didn’t shut down explored alternative avenues. For instance, Magic Eden expanded beyond NFTs with the acquisition of Slingshot. Nevertheless, Salnikov dismissed this strategy, commenting,
“We’re not trying to bolt on non-NFT features just to stay busy—we’re building NFT commerce that actually fits the communities using it.”
He explained that this approach uses modular, customizable on-chain marketplaces. Creators can tailor them to fit their specific audiences, whether it’s a gaming project, an L3, or a legacy brand.
“NFTs are the feature—they just need the right framing,” the Rarible co-founder stated.
When Fame Fades: The Diminishing Returns of Celebrity-Backed NFTs
In January 2022, Bieber spent 500 ETH (approximately $1.3 million at the time) on Bored Ape #3001. This NFT is from Yuga Labs’ Bored Ape Yacht Club (BAYC) collection.
However, according to the latest data, the NFT is worth only 13.51 WETH (around $24,174), a decline of 98.1%. Although the singer hasn’t sold his NFT, it has received little attention lately, with no promotional efforts or notable discussions around it.
Thus, while celebrities can bring attention to NFTs, this highlights the need for substance beyond the name itself. As Salnikov pointed out, celebrity involvement in the sector is fleeting.
According to him, a celebrity name alone can’t replace genuine creative direction or a strong community.
“Celebrity drops will come and go—it’s the culture behind them that determines if they stick,” he remarked.
He argued that celebrities treating NFTs as mere merchandise deters audiences. Nevertheless, when an NFT drop is intentional and truly taps into something meaningful like music, fashion, or fandom, that’s where the lasting value is found.
“We’re way more interested in working with creators who are building for the long haul than just chasing headlines,” Salnikov disclosed to BeInCrypto.
The executive also outlined the need for a more accessible and user-friendly approach for attracting interested users. He detailed that onboarding users should not feel “like a tech demo.” Salnikov pointed to Rarible as an example.
According to him, Rarible focuses on ensuring that each marketplace built on its platform is a product people genuinely want to use. This involves features such as fiat onramps, low-cost mints, a clean user interface, and, most importantly, content that resonates with users.
“We’re not selling NFTs—we’re powering experiences that just happen to be onchain,” Salnikov concluded.
While the NFT market faces ongoing challenges, it remains to be seen whether the industry is entering a new phase of growth or if further obstacles lie ahead in its evolution.
Altcoin/BTC spot trading pairs were once considered a key channel for investors to increase their Bitcoin holdings. However, this perception is fading. Data indicates a decline in interest, with many Altcoin/BTC pairs delisted in early 2025.
Meanwhile, Altcoin/USDT spot pairs remain the primary avenue for traders seeking profits.
Binance Delists Multiple Altcoin/BTC Spot Pairs
At the beginning of 2025, Binance removed several Altcoin/BTC spot pairs from its platform. Today, Binance announced the delisting of MDT/BTC, MLN/BTC, VIB/BTC, VIC/BTC, and XAI/BTC due to low liquidity and trading volume. This is not the first such announcement this year.
“To protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs and may delist selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume,” Binance stated.
Since the start of the year, Binance has issued seven delisting announcements, affecting 34 spot trading pairs. Of these, 50% were Altcoin/BTC pairs, while the rest were Altcoin/ETH or Altcoin/BNB. Notably, the delisting of an Altcoin/BTC pair does not necessarily mean its corresponding Altcoin/USDT pair is removed (e.g., ENJ, C98, REZ).
This shift reflects traders’ preference for Altcoin/Stablecoin pairs, likely due to better liquidity and lower risk exposure.
Retail Investors Reduce Bitcoin Holdings While Institutions Accumulate
CryptoQuant data shows that retail investors have been reducing their BTC holdings since Q4 2024, while large investors continue to accumulate.
Bitcoin Holdings of Retail And Large Investors. Source: CryptoQuant.
“Retail is panic-selling. Whales are accumulating,” Investor Mister Crypto commented.
Since the approval of Bitcoin ETFs and the start of Trump’s new term, Bitcoin has become a playground for institutional investors. Retail traders seem less interested, as BTC’s high price is out of reach for many. Instead, they hold fewer BTC and allocate more capital to altcoins, particularly meme coins.
Furthermore, trading Altcoin/BTC pairs exposes traders to two risks simultaneously—the volatility of both altcoins and Bitcoin. Even the most liquid pairs, such as ETH/BTC and SOL/BTC, have shown prolonged downtrends and high volatility, increasing the risk of losses.
Volatility of ETH/BTC and SOL/BTC. Source: TradingView
Market analysts also tend to focus on Altcoin/USDT spot pairs, leaving Altcoin/BTC pairs with less attention.
According to CoinMarketCap data, USDT’s daily trading volume exceeds $115 billion, out of a total market trading volume of $147 billion. This confirms that USDT remains the primary channel for traders seeking opportunities.
