July 18, 2024 Grandpa checks in
A while ago, the German government made a lot of noise about selling the confiscated BTC. Recently, relevant people came out to explain the situation. The sale of coins was indeed true, but the person in charge of selling coins had no knowledge of BTC at all, and even had no stock trading experience. It is reported that the person in charge first found different OTCs, but was not satisfied with the 95% and 97% discounts they offered. Then he transferred to the exchange to sell and found that the depth was indeed very poor, so he transferred out and continued to sell through OTC.
So it is hard for the German government to ruthlessly liquidate its stocks. After all, for them, this is a piece of fat meat that they have already got, so they eat it first. Anyway, this matter has basically come to an end, but I think that not all the coins in Mentougou will be transferred to the market, but some will be sold. Of course, the test of the market has also been experienced once, so if there is a big drop, it is bold to buy at the right position.
Today, the SEC approved two Ethereum spot ETFs to be listed on the NYSE's electronic trading platform. After the S-1 document is finally reviewed and approved, the spot products can be listed. At present, the Ethereum ETF will take only 1-2 months to be launched. After listing, it is expected to attract another wave of funds, which is one of the reasons why I have been pushing Ethereum for some time.
In terms of market conditions, the 65,000 resistance level needs to be paid attention to. Although the news on the market is very good, it is still blocked at this resistance level, indicating that the entry of funds is still cautious. However, looking at the situation of the retracement, it is likely to continue to rise after sideways trading. Of course, if you want to be as conservative as me, you can sell the bottom-picking stocks at the resistance level to stop profit, or do some swing trading.
Thank you for your attention and likes.
