Justin Sun spends 245 million US dollars, is Ethereum ETH going to take off?
Justin Sun has made a big move! He directly spent 245 million US dollars to buy Ethereum to support HTX! That’s right, he transferred more than 70,000 Ethereum to the HTX account, which adds up to 244.9 million US dollars. This money did not fall from the sky. Part of it was released from Lido Finance, and the other part was directly transferred from Etherfi.
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Since November 10, Sun Yuchen has deposited more than 170,000 Ethereum into HTX, spending a total of $645 million, with an average of only $3,601 per ether. He now has more than 100,000 STETH, worth about $372.4 million, and more than 50,000 EETH, worth $195.8 million.
What's even more impressive is that he has unstaked 25,000 Ethereum from Etherfi, worth $87 million. This fund is really being handled skillfully! Sun Yuchen also personally came out to debunk rumors, saying those claiming he has liquidated his Ethereum are talking nonsense. He was just transferring funds between different wallets and remains very confident in Ethereum's future.
Sun Yuchen's recent actions have given Ethereum a shot of adrenaline, making people admire his courage and vision.
During the altcoin season, there must be a leader! ETH leads a group of altcoins in a collective rally.
XRP is not good, DOGE is not good, BGB and HYPER are even worse; they are all individual cases without leadership attributes. The altcoin season is about collective upheaval; it requires a track revolution, with various big brothers leading their little brothers in mutual upheaval.
Right now, it can only be considered as a period of fluctuation. It still hasn't escaped this large trading range; only Bitcoin pulling itself up does not constitute a bull market in the crypto space.
Yesterday's decline was also accompanied by low volume; Bitcoin, Ethereum, and altcoins are all the same. Retail investors have already laid flat.
From a technical perspective, ETH is just at the support level, around 3380. If it holds here, then ETH will form an ascending triangle.
BGB and BWB merge, jumping 30% to a new high!
Inspired by the merger news, BGB surged over 30% yesterday, briefly breaking through a new high of $7.8. However, regarding the merger between BWB and BGB, some crypto influencers have stated that this merger might imply that BGB has peaked in the short term, arguing that 'the project team can use the merger to legitimately create a bunch of BGB to sell.'
Currently, funds are still concentrated on mainstream assets like Bitcoin and Ethereum, and people's risk appetite is low.
Most altcoins are also adjusting with the market, while platform tokens are performing the strongest, with BGB, FTT, and GT all showing upward movements against the trend.
However, BGB seems a bit overvalued in the short term, and there is a need for a pullback. It is recommended not to chase high prices; wait for it to pull back before buying in batches.
It is worth noting that Ethereum's spot ETF has recently attracted significant capital inflows, with $53.6 million flowing in on the 24th and $130.8 million on the 23rd.
The current ETH/BTC exchange rate is 0.035, and I believe Ethereum may see a wave of price correction in January.
BlackRock, Fidelity, and Grayscale may submit the S1 application for Ethereum staking ETF in January.
In March, Ethereum will undergo the Prague upgrade, which will be beneficial for projects like ETH, ENA, and UNI. The market may start to warm up and rise as early as January.
I think we should prioritize bottom-fishing Bitcoin now, and it's fine to take small positions in narrative-driven leading projects. But definitely do not go heavy; the positions in altcoins must be well controlled.
The three realms of trading:
1. Yin and Yang give rise to each other, with no beginning and no end;
Everything has its operational logic and rules, just as technical analysis can help us understand market trends. In the crypto space, there will be bull markets and bear markets. Of course, if you do not believe in rules, do not believe in the cycle of bull and bear markets, and do not believe in technical analysis, then it is obviously useless to you.
2. There are images within the image, and images outside the image;
Large cycles contain smaller cyclical trends, and smaller cyclical trends will form a larger cycle, in a continuous loop. You need to make a comprehensive judgment from a broader perspective, looking beyond the immediate situation, as the view from the first floor and the 20th floor is completely different.
3. There is an image in the heart, and I am not in the image;
When you can truly understand trends and the shifts in patterns, you will realize what to do in the present is correct. Thus, external influences and disruptions are merely information to you and can never shake your inner beliefs. All you need to do is strictly execute the trading strategies you have formulated in advance, integrating knowledge and action.
The financial market is the best training ground for our humanity. Every day we face various explosive news, and the environment and cognition each person is in determine the different angles and dimensions from which we view the same thing, leading to different answers.
