ETH performed quite well today, with a daily increase of more than 5%, breaking through $3,300, while driving the collective rise of the ecosystem. In comparison, Bitcoin's increase was only about 1.5%, but at least Bitcoin did not "sing a different tune" this time.
Is the explosive cycle of altcoins really coming?
There has been talk of an altcoin season for a while now, and it seems to be coming, but we haven’t seen it yet. USDT dominance has now broken below its 6-year trendline, and when USDT dominance falls, altcoins rise.
ETH/BTC exchange rate hits bottom
The ETH/BTC trading pair hit bottom and bounced off the support level. There is a high probability that altcoins will perform well in the next few days!
Hong Kong is about to launch Ethereum spot ETF
On April 26, the Hong Kong Stock Exchange announced the first batch of virtual asset spot ETFs to be listed, including Harvest Bitcoin Spot ETF, Harvest Ethereum Spot ETF, Huaxia Bitcoin ETF and Huaxia Ethereum ETF. Among them, Harvest’s Bitcoin and Ethereum spot ETFs will start trading online on April 30.
Although the scale of Hong Kong ETFs is far less than that of the US market, it still attracts new capital inflows and brings bullish sentiment to the crypto market.
Franklin Ethereum Spot ETF Code EZET Has Been Listed on DTCC Website
On April 27, according to DTCC data, the spot Ethereum ETF "FRANKLIN ETHEREUM TR ETHEREUM ETF" (code EZET) applied by Franklin Templeton has been listed on the DTCC (Depository Trust & Clearing Corporation) website.
While the DTCC’s listing of ETF symbols is a routine operation, it is standard practice for the DTCC to add securities to the NSCC Securities Eligibility File in preparation for the launch of new ETFs in the market. Appearance on the list does not indicate the result of any pending regulatory or other approval process.
This operation also occurred before the Bitcoin spot ETF was approved by the SEC. This means that the Ethereum spot ETF is ready and waiting for SEC approval. However, according to a report on April 25, people familiar with the matter revealed that after frustrating talks with relevant companies in recent weeks, the US SEC is expected to reject the application for the Ethereum spot ETF. Affected by this news, ETH fell below the $3,100 mark from its high of nearly $3,300 at the time.
Ethereum’s rebound today can only be said to have just begun, and whether it can continue remains to be determined.
Recharge your belief in the future altcoin market:
Speaking of future benefits, Hong Kong's ETFs for Bitcoin and Ethereum will start trading on the 30th. We can expect the funds brought in this time. Although not much, there is a high probability that there will be a bullish sentiment. There is also the US Ethereum ETF in May. According to the current foreign news analysis, the approval rate is extremely low, which means it will be postponed or rejected. But don't worry, recall that the Bitcoin ETF application last year was not approved in one go, but it will eventually pass, it's just a matter of time.
I have said so much just to tell you that the future market will definitely be a crazy bull market, because this round of institutional ETFs are supported, including interest rate cuts this year. Judging from various future news, the bull market is not over.
Let's talk about the copycat market. At present, everyone must hold a lot of copycats. A lot of copycats were also brought down by the market in the early stage. Many copycats have not been recovered and are in a loss-making state. Don't worry, there is still a narrative for the future of copycats. The first is that the AI sector will work on the L2 concept in the next two months, and the three AI dragons will be merged into one token. These are all good for the AI concept. The next one is the fan token football concept. There is the Champions League in June. Looking back at the World Cup, the fan tokens have more than doubled.
This is the positive news that can be seen for the copycat market in the future. In addition, there will definitely be some copycats that will do something in May. With the good news, everyone should not be discouraged and just hold on to the coins and wait for the price to rise.
Looking back at the previous CFX, we saw that in mid-March, there was a Hong Kong Carnival for everyone to make arrangements, and the principal was doubled in 20 days, but very few people got doubled principal. From this example, we can see that you should not throw away the narrative copycats you currently have, and make a cyclical investment.
Finally, you must keep 3-2 layers of positions in your hands. I have said this many times. There will definitely be new opportunities in the future market, and strong B will appear. Once it appears, this part of the bullet is the time to shoot. Every time when my friends chat privately, I always give advice to buy at the first or second layer and keep some. If it really comes later, it will be embarrassing for you to be fully invested.
Then let's talk about the market. For Bitcoin, the same points are still there. The first is that the cost of miners is close to 50,000+ after the halving. The second is that there is always a period of washout after the halving in history. At this stage, with the support of ETF, the washout will not be too deep, so don't worry. For ETH, it is very likely to lead the altcoins in the second half of the year, because as we have seen in the early stage, after BTC broke through the historical high, how many altcoins followed? Inscriptions, including pepe, have seen relatively good growth, but what about the others? They are half dead, or the growth is relatively small and not as expected. So it is not that the altcoins that are ambushing are not good, but that Ethereum is not rising, and the sentiment of the altcoins is difficult to drive.
Create a high-quality circle
Spot mainly
I will share some content: as shown below:
Tentative 50 people
This is the end of the article. I will reply to you in time~!
