What's Next For Bitcoin, Crypto Market?

Shenyu, also known as DiscusFish, a prominent figure in China's Bitcoin mining sector and co-founder of Cobo and f2pool, has shared his perspective

Prominent figure in China's Bitcoin mining sector Shenyu, also known as DiscusFish, recently shared his thoughts on the market's trajectory leading up to 2025.

Speaking during a discussion that was hosted by Wu Shuo and Cobo, Shenyu suggested that the crypto market could experience a recovery between June and October. However, he also emphasized that the continuation of the bull market will be largely impacted by whether the proposed U.S. National Bitcoin Reserve is approved. At present, he believes the chances of approval remain high, but if the initiative fails, the bullish momentum may come to an end.

During the event, Shenyu also revisited an incident from the previous year, in which he lost 12,000 ETH to a phishing attack. He recounted that the attack coincided with an Eigenlayer airdrop, and while dealing with the process, he unknowingly clicked on a malicious link.

Despite having security measures in place, including domain name risk controls and DNS resolution safeguards, the attack managed to bypass these protections. He acknowledged that errors in handling a hardware wallet, including blind signing without thorough verification, contributed to the breach.

Shenyu highlighted that the situation revealed more profound security concerns, particularly with multi-signature setups, where transactions were often executed without sufficient scrutiny. He warned that the crypto industry must remain vigilant against threats posed by state-level actors, corporate infiltration, and human error. He stressed that strong security protocols and the involvement of independent third parties in risk management are essential to counter such sophisticated attacks.

Looking ahead, Shenyu reiterated that the influx of new capital into the crypto market will largely depend on developments related to the U.S. National Bitcoin Reserve. The outcome of this proposal will likely play a crucial role in shaping market sentiment in the latter half of the year.