Galaxy Brains State of the Bitcoin Bull Market with James Check
Aug 28, 2025
James Check, an analyst at CheckOnChain known as CheckMatey, and Beimnet Abebe from Galaxy Trading dive deep into the complexities of the Bitcoin market. They discuss on-chain data insights revealing the dynamics behind the latest dip and the ongoing bull market. The conversation highlights the competitive landscape where Ethereum is gaining traction, shifting investment strategies among major holders. They also address inflationary pressures and the Federal Reserve's policies, emphasizing how these factors are reshaping cryptocurrency trading.
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ETH Rotation Explains Bitcoin's Short‑Term Malaise
- Rotation into Ether and concentrated large buyers have diverted attention and flows from Bitcoin.
- Ether's rapid rise partly reflects low base effects and concentrated institutional accumulation rather than a broad structural dethroning.
Infrastructure Progress vs Token Prices
- Broader crypto progress (payments, L1s, on‑chain revenue) continues even while token prices rotate.
- Token valuations don't automatically track infrastructural adoption, creating tension in markets.
Jackson Hole Shift Raises Inflation Concerns
- The Fed's Jackson Hole messaging signaled a shift toward prioritizing labor over inflation control.
- Beimnet sees that as a policy error likely to keep inflation risks elevated and asset prices high.