{"id":20598,"date":"2025-09-27T13:00:52","date_gmt":"2025-09-27T13:00:52","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=20598"},"modified":"2025-09-24T17:00:31","modified_gmt":"2025-09-24T17:00:31","slug":"bullrun-crypto-plus-difficile","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/bullrun-crypto-plus-difficile\/","title":{"rendered":"Pourquoi ce bullrun a \u00e9t\u00e9 le plus difficile de tous"},"content":{"rendered":"<p>Ce cycle a fait mal aux nerfs : des acc\u00e9l\u00e9rations aussit\u00f4t renvoy\u00e9es au point de d\u00e9part, des \u00ab sell the news \u00bb sur des catalyseurs historiques, une pluie de hacks, et au lieu d&rsquo;un souffle g\u00e9n\u00e9ral, une poign\u00e9e de narratifs tr\u00e8s courts qui vampirisent l&rsquo;attention. R\u00e9sultat : un march\u00e9 sans v\u00e9ritable largeur, o\u00f9 l&rsquo;on <strong>survit plus qu&rsquo;on ne surfe<\/strong>.<\/p>\n<h2>D\u00e8s le d\u00e9part, un faux d\u00e9part : les ETF spot ont servi d&rsquo;aimant \u00e0 profits<\/h2>\n<p>Les ETF Bitcoin au comptant ont commenc\u00e9 \u00e0 coter le 11 janvier 2024. On attendait l&rsquo;euphorie, on a eu un d\u00e9gonflage rapide typique des \u00ab sell the news \u00bb : volumes records, des flux nets positifs mais un prix qui cale, les traders r\u00e9duisant le risque dans la foul\u00e9e. Plusieurs chroniques de march\u00e9 ont relev\u00e9 que, malgr\u00e9 des d\u00e9buts tonitruants, la valorisation n&rsquo;a pas explos\u00e9 en janvier, la pression vendeuse prenant vite le dessus, notamment avec les <strong>sorties du GBTC<\/strong>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">LATEST: With two days in the books, the Nine Newborns have taken in +$1.4b in new cash, overwhelming <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$GBTC<\/a>&#39;s -$579m of outflows for net total of +$819m. <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$IBIT<\/a> now leading pack w\/ half a bil, Fidelity close second tho. The newborns&#39; $3.6b in trading volume on 500k indiv trades\u2026 <a href=\"https:\/\/t.co\/b7U5DjENaw\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/b7U5DjENaw<\/a><\/p>\n<p>&mdash; Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1746145426229669972?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">January 13, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sur l&rsquo;ann\u00e9e qui a suivi, les flux ont fini par s&rsquo;installer, mais le message reste le m\u00eame pour l&rsquo;<strong>investisseur<\/strong> : un catalyseur structurel n&#8217;emp\u00eache pas une r\u00e9action de court terme d\u00e9favorable. De quoi d\u00e9saxer ceux qui misaient sur un \u00ab up only \u00bb post-ETF.<\/p>\n<h2>Des purges r\u00e9p\u00e9t\u00e9es plut\u00f4t qu&rsquo;une tendance lisse<\/h2>\n<p>La m\u00e9canique des liquidations a rythm\u00e9 2025. Lundi, le march\u00e9 a encaiss\u00e9 l&rsquo;une des plus grosses purges de l&rsquo;ann\u00e9e, proche de <strong>1,7 \u00e0 2 milliards de dollars<\/strong> de positions ray\u00e9es de la carte en 24 heures, majoritairement des longs. Bitcoin a bri\u00e8vement gliss\u00e9 vers 111 000\u2013112 000 dollars, Ether sous 4 150 dollars, avant un r\u00e9tablissement technique.<\/p>\n<p>Plusieurs desks y ont vu un nettoyage de levier, pas une cassure <strong>fondamentale<\/strong>, mais l&rsquo;effet est le m\u00eame pour le P&amp;L : stops d\u00e9clench\u00e9s en cha\u00eene et moral \u00e9mouss\u00e9. Ces \u00ab flushs \u00bb ont coup\u00e9 court \u00e0 chaque tentative de tendance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$1.7 billion in liquidations sweep crypto markets over past day as bitcoin slide sparks broader selloff <a href=\"https:\/\/t.co\/nA4iUTrkSH\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/nA4iUTrkSH<\/a><\/p>\n<p>&mdash; The Block (@TheBlock__) <a href=\"https:\/\/twitter.com\/TheBlock__\/status\/1970029474176479659?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">September 22, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On sort d&rsquo;une semaine avec de forts \u00e9carts <strong>intraday<\/strong>, puis les cours se recalent dans un couloir o\u00f9 les anciens sommets font r\u00e9sistance et o\u00f9 la macro dicte l&rsquo;humeur. Cette volatilit\u00e9 extr\u00eame souligne l&rsquo;importance de <a href=\"https:\/\/99bitcoins.com\/fr\/actu\/savoir-analyser-la-tokenomic\/\">bien analyser la tokenomique<\/a> des projets avant d&rsquo;investir.<\/p>\n<h2>La confiance grignot\u00e9e par des hacks bien r\u00e9els<\/h2>\n<p>C\u00f4t\u00e9 s\u00e9curit\u00e9, 2025 a rappel\u00e9 que la tuyauterie reste perfectible. Dernier exemple en date : <strong>UXLink<\/strong>. Le 22 septembre, une faille li\u00e9e \u00e0 un <em>delegateCall<\/em> dans un multisig a permis de prendre les droits d&rsquo;admin, de frapper des milliards de tokens non autoris\u00e9s et d&rsquo;envoyer des fonds vers des CEX\/DEX.<\/p>\n<p>Les estimations de pertes vont d&rsquo;environ 11,3 millions de <strong>dollars<\/strong> \u00e0 plus de 30 millions selon les sources, tandis que le jeton a d\u00e9croch\u00e9 de 90 % au plus fort de la crise avant que l&rsquo;\u00e9quipe n&rsquo;annonce un nouveau contrat Ethereum, sans fonction de mint\/burn. Ce genre d&rsquo;\u00e9pisode refroidit les LP, r\u00e9duit la profondeur et rend les acc\u00e9l\u00e9rations beaucoup plus fragiles.<\/p>\n<h2>Pas de \u00ab tout monte \u00bb : les memecoins ont aspir\u00e9 la lumi\u00e8re\u2026 et la liquidit\u00e9<\/h2>\n<p>Plut\u00f4t qu&rsquo;un large mouvement haussier, on a eu des \u00eelots de surperformance, surtout c\u00f4t\u00e9 memecoins. Sur Solana, <strong>Pump.fun a battu des records<\/strong> : plus d&rsquo;un milliard de dollars de volume sur une seule journ\u00e9e le 16 septembre 2025, et des journ\u00e9es \u00e0 15 000\u201320 000 nouveaux tokens lanc\u00e9s, parfois au-del\u00e0. La cadence \u00e9tourdit et dilue l&rsquo;attention comme le capital ; la plupart de ces cr\u00e9ations n&rsquo;atteignent jamais une taille critique.<\/p>\n<p>Le ph\u00e9nom\u00e8ne politique a aussi capt\u00e9 des flux. Le memecoin MAGA (ticker <a class=\"general-link\" href=\"https:\/\/coinmarketcap.com\/fr\/currencies\/official-trump\/\" target=\"_blank\" rel=\"noopener nofollow\">TRUMP<\/a>) a altern\u00e9 envol\u00e9es et trous d&rsquo;air avec des turnovers anormalement \u00e9lev\u00e9s pour sa taille, signe d&rsquo;un capital <strong>sp\u00e9culatif<\/strong> qui tourbillonne l\u00e0 plut\u00f4t que d&rsquo;irriguer le reste du march\u00e9. Ce n&rsquo;est pas anecdotique : quand une partie du \u00ab beta \u00bb se r\u00e9fugie dans des paris \u00e9v\u00e9nementiels, il manque ailleurs.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/CMCNews?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">#CMCNews<\/a>: Google searches for crypto surge after <a href=\"https:\/\/twitter.com\/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$TRUMP<\/a> memecoin launch.<a href=\"https:\/\/t.co\/Y59oI5e5rv\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/Y59oI5e5rv<\/a><\/p>\n<p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/twitter.com\/CoinMarketCap\/status\/1881522118896099827?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">January 21, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Enfin, la \u00ab production \u00bb industrielle de tokens a eu un co\u00fbt. L&rsquo;explosion des lancements via Pump.fun signifie plus de bruit, plus de micro-caps en concurrence pour quelques heures de liquidit\u00e9, et au final moins de capital concentr\u00e9 sur des dossiers solides. Certains jours, plus de <strong>16 000 nouveaux tickers<\/strong> sortent de la cha\u00eene de montage, pendant que moins de 1 % \u00ab graduent \u00bb vers une vie de march\u00e9 soutenable.<\/p>\n<p>Ce ratio raconte l&rsquo;<strong>atomisation<\/strong> du cycle.<\/p>\n<h2>Un chemin sinueux<\/h2>\n<p>Au total, ce bull run a cumul\u00e9 tout ce qui complique la vie des investisseurs : un signal historique transform\u00e9 en point de prise de profits d\u00e8s janvier 2024, des purges r\u00e9currentes en 2025 qui cassent l&rsquo;\u00e9lan, des hacks spectaculaires qui rongent la confiance, et une absence de pump global au profit de narratifs \u00e9clairs, surtout les memecoins, dop\u00e9s par des usines \u00e0 tokens. Rien d&rsquo;insurmontable pour autant.<\/p>\n<p>Cela force \u00e0 resserrer la m\u00e9thode, choisir ses batailles, surveiller la s\u00e9curit\u00e9 autant que le momentum\u2026 et accepter que, dans ce cycle, <strong>l&rsquo;alpha se gagne au scalpel<\/strong>, pas au filet.<\/p>\n<p><a class=\"general-link\" href=\"http:\/\/99bitcoins.com\/fr\/visit\/bitcoinhyper\" target=\"_blank\" rel=\"noopener nofollow sponsored\">Bitcoin Hyper<\/a> lui, se pr\u00e9sente comme une extension naturelle de Bitcoin, pens\u00e9e pour la rapidit\u00e9 et la flexibilit\u00e9.<\/p>\n<a href=\"http:\/\/99bitcoins.com\/fr\/visit\/bitcoinhyper\" class=\"sc-button sc-button-green sc-button-medium\" target=\"_blank\"  rel=\"nofollow sponsored\"><span>Visiter Bitcoin Hyper<\/span><\/a>\n<p style=\"text-align: center\"><em>Les crypto-actifs repr\u00e9sentent un investissement risqu\u00e9.<\/em><\/p>\n<hr \/>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/crypto-monnaie\/crypto-meme\/\">Top 8 des meilleures crypto meme dans lesquelles investir<\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/savoir-analyser-la-tokenomic\/\">Comment r\u00e9ussir son bullrun gr\u00e2ce \u00e0 l&rsquo;analyse des tokenomics<\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/crypto-monnaie\/meilleures-cryptos-a-acheter\/\">Meilleures cryptos \u00e0 acheter maintenant en 2025 \u2013 Notre Top 7<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Ce cycle a fait mal aux nerfs : des acc\u00e9l\u00e9rations aussit\u00f4t renvoy\u00e9es au point de d\u00e9part, des \u00ab sell the news \u00bb sur des catalyseurs historiques, une pluie de hacks, et au lieu d&rsquo;un souffle g\u00e9n\u00e9ral, une poign\u00e9e de narratifs tr\u00e8s courts qui vampirisent l&rsquo;attention. R\u00e9sultat : un march\u00e9 sans v\u00e9ritable largeur, o\u00f9 l&rsquo;on survit..<\/p>\n","protected":false},"author":135978,"featured_media":20599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[113,6],"tags":[12],"coin":[15],"class_list":["post-20598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu-pr","category-actu","tag-prevente"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pourquoi ce bullrun a \u00e9t\u00e9 le plus difficile de tous<\/title>\n<meta name=\"description\" content=\"Ce bullrun est jug\u00e9 comme le plus difficile par de nombreux investisseurs, marqu\u00e9 par une volatilit\u00e9 extr\u00eame et des signaux contradictoires.\" \/>\n<meta name=\"robots\" content=\"index, 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