April 5, 2024 Grandpa checks in
Solana crashed again today, and most of the on-chain interactions have not been confirmed. I position Solana as a chain built by capital. At present, its technology is still far behind Bitcoin and Ethereum. Of course, the technical foundation of many public chains is very poor, and we don’t need to be biased, but we need to have a bottom line in our hearts. In the past few days, the projects on the Solana chain have risen to varying degrees, thanks to the favor of capital and funds, but if the price of SOL cannot be strong, you have to pay attention to retreat.
In the market, the price of bitcoin rebounded slightly, and then continued to around 67,000. However, the market fell to varying degrees, and the amplitude was not small. This wave of decline was basically within expectations. First, the amplitude was not large, and second, it occurred after a long period of sideways trading. Normally, funds are afraid of risks. If the expectation of rising is not fulfilled for a long time, funds will inevitably start to withdraw, and then a correction will occur. Fortunately, the current decline is limited, but the market of bitcoin is unlikely to be strong in the short term). Shanzhai expects further declines.
The relatively reluctant good news is that BlackRock's DeFi Fund had a net inflow of 141 million US dollars yesterday, which led to a single-day net inflow of the entire ETF. The short-term rebound in the price of Bitcoin was probably affected by this, but it was later beaten back. It seems that this news did not lead to other capital inflows in the market. Now the market needs more confidence. The fact that ETF funds can show a net inflow is a positive signal. However, at a time when the US stock market has begun to fall under pressure, it will take time to verify whether the ETF market can withstand it.
If there is still a small decline in the market, I will continue to look for opportunities to buy some stocks. At present, the US stock market has indeed shown a trend of turning around on the daily line, but the trend will not reverse quickly, and the net inflow of ETFs has provided a higher safety cushion. In theory, as long as the big cake is above 60,000, others still have a chance to come back. It’s just that in the general direction, there is a probability of forming a top above 70,000. In my opinion, there is basically a 30-40% probability. Don’t rush to invest the funds that have been taken profit before. Basically, buy in large quantities only when there is a big drop.
Thank you for your attention and likes.
