I'm Mari Matsushima, a.k.a. Marin, a cryptocurrency analyst at Monex Securities. This time, I'll be looking back at the Bitcoin market and giving my outlook for the future.
A look back at August and future market outlook
In August 2024, Bitcoin fell sharply to the 7 million yen range as global risk aversion intensified amid a historic crash in the Nikkei average. The Bank of Japan's decision to raise interest rates led to a rapid appreciation of the yen in anticipation of the narrowing of the interest rate gap between Japan and the United States, which led to the unwinding of yen carry trades, and the worsening of the July employment statistics in the United States led to concerns about a recession in the United States. This led to a combination of factors that led to increased selling of risk assets.
After that, the Bank of Japan denied the possibility of an early additional interest rate hike, which subsided market turmoil, and Bitcoin rebounded strongly along with stocks. At one point, the price returned to the 9 million yen range, but there were concerns such as the worsening situation in Iran and Israel and the US government's selling of Bitcoin, and the market continued to fluctuate. There was also a movement to keep a close eye on the contents of the Jackson Hole Conference, and a wait-and-see mood spread in the market.
Although the global situation remains unclear, we believe that Bitcoin's price may gradually rise in the future. Market interest is shifting from interest rate trends to economic trends in the United States, and if economic indicators released after September or the next FOMC meeting cause concerns about a US recession to resurface, selling pressure on risk assets in general is expected to intensify.
In addition, if a war breaks out between Iran and Israel, the risk of a short-term decline cannot be denied. However, in an environment where recession and geopolitical risks are strongly considered, Bitcoin's nature as digital gold, like gold, may attract attention and buying may become dominant to protect assets.
If there are signs that Bitcoin is differentiated from other risk assets and begins to play the role of a safe asset, it is possible that buying through physical ETFs will also help Bitcoin regain its upward momentum at once.
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MAGAZINE
Iolite Vol.15
September 2025 issueReleased on 2025/07/30
Interview Iolite FACE vol.15 Avery Chin, co-founder and CEO of Aptos Labs
PHOTO & INTERVIEW Tester
Special feature: "How to master workplace relationships! Using MBTI", "Riding the waves of the 'first year of AI agents'!", "Is Bitcoin the savior of companies? The forefront of treasury strategies", "Management strategies learned from villains"
Crypto Journey: "The intersection of Web 3.0 and social contribution" Interview with Gracie Chen, CEO of Bitget
Series: "Expert perspectives on interpreting the fluctuating cryptocurrency market" Virtual NISHI
Series: Tech and Future Toshinao Sasaki, etc.