June, which was full of disagreements, has come to an end. Bitcoin finally closed with a negative 7% in June. The overall market in the first half of June was still good. The bad thing was the non-farm data on June 7, which can be called a major turning point. The weakening expectations of interest rate cuts this year led to Bitcoin forming four tops at 71,000-72,000, exactly once a month. Therefore, without a period of wash-out and shock, it should be very difficult to break through 72,000 again or even a new high. We will talk about the specific market analysis later.

Bitcoin ETF had a total net inflow of US$73 million on June 28, and BlackRock began to see large net inflows again.

TON network TVL exceeded 700 million US dollars, setting a new record. This bull market has not seen a phenomenal L1 public chain like SOLANA, but I think there will be one in the future. At present, TON and SUI are the two L1 public chains with the largest lock-up volume after SOL. In terms of comparison, SUI's TVL is also more than 600 million US dollars, but its circulating market value is only one-tenth of TON, and FDV is one-fifth. Lock-up volume, daily active users (number of users), trading volume, and ecological quantity are several important indicators for measuring the valuation of public chains. So whether SUI is underestimated or TON is overestimated, everyone has their own opinions.

Starting from July 24, WLD will usher in a large amount of linear unlocking, with 6.62 million WLD tokens unlocked daily, equivalent to about 18 million US dollars, and the unlocking will last for 730 days. After experiencing a wave of super pull-ups, WLD doubled six times in just one month, and finally returned to its original form, with the current price of 2.3. As the subsequent daily unlocking increases the circulation supply, it may be difficult to continue to pull the market. The most taboo in this round of bull market is to unlock the VC coin. With the emergence of such a large supply, who will take over except the market makers? The market makers only buy low and sell high. The project party is tantamount to suicide.

The first phase of the merger of the Three Musketeers will be launched today, merging OCEAN and AGIX into FET. Most CEXs support the merger, so friends who have the first two just need to wait to be replaced by FET without doing anything. The second phase of replacing FET with the new currency ASI has not yet announced detailed information, but it will definitely be completed in July.

Last week's option delivery removed a huge mountain, and in the remaining July, we still need to move the mountain of Mentougou compensation. Although many people believe that there is not much supply of physical compensation, this is definitely a stumbling block in the process of rising. Every time there is news about Mentougou, it is a harm to the big cake. Now I can’t predict whether the negative expectations have been released on June 24, or whether the dog market will continue to cooperate in smashing the market. Therefore, the best way is to keep some backup plans to prevent being at a loss when the mountain collapses.

The downward channel of Bitcoin has been broken, and it has now come out of the downward channel that started on June 7. Moreover, this time the strength is obviously sufficient. In the past, small-level rebounds would be quickly suppressed, but this time it is obviously different, and the trading volume has also opened up. Therefore, the probability of going to 64000-65000 this time is very high. It happens to be the middle track of the daily line. If it is a rebound, it will most likely end the short-term rebound here, and will continue to test 60000-61000 in the future, and then continue to fluctuate. I think this process will last for 2-3 weeks, and the trend is probably like this.

Erbing should just wait for the ETF to be launched. The selling pressure after the listing of Grayscale ETHE is also a huge mountain that needs to be removed.

The altcoins all saw increases, with ZRO rebounding the fastest, and it looks like it will continue to do so. It’s normal for new coins to see a pull, after all, they have raised so much money, so they still have money to make markets.

Only ENS is leading the Ethereum system today, and the others are relatively inferior. ENS seems to have no limit above 30, but the only drawback is that the volume is not there. I don't know if it is a trap or the sky.

The SOL ecosystem also performed quite well today and is still worth looking forward to in the long run.

Who said that May is poor, June is hopeless, and July is a turnaround? The key is that May is not poor at all, and the overall market rose sharply in May. Why do I feel that June is poor, Seven is hopeless, and August is a turnaround? If anyone agrees, please give me an 8.

Bitcoin Fear and Greed Index: 53 (Neutral)

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