Ansem Points to Signs of a Bottom in the Crypto Market, Bull Market Awaiting On-Chain Data Confirmation

On August 5, renowned crypto KOL Ansem indicated that signs of a bottom formation are emerging in the crypto market. Firstly, prices have shown resilience against negative news; for instance, when Saylor sold millions of dollars worth of BTC in the range of $58,000 to $60,000, BTC continued to form higher lows. Secondly, there has been a noticeable increase in users of crypto-native mobile applications, with Pump.fun seeing a 20% weekly revenue growth and Fomo surpassing 100,000 users within a week. Institutional interest is also on the rise, highlighted by developments from Robinhood Chain and billionaire Paul Tudor Jones publicly bullish on BTC. Additionally, the popularity of crypto-related content on social media is increasing. Ansem noted that if on-chain tokens continue to reach higher highs after an initial volume peak, if the number of holders of popular tokens keeps growing, if mainstream media resumes focused reporting, if developers experiment with new on-chain mechanisms, and if successful protocols provide incentives through airdrops, it could further confirm that a new bull market has begun.

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