May 19, 2024 Grandpa checks in
Grayscale's GBTC had a net inflow of 31.6 million US dollars yesterday, a net inflow for three consecutive days. In addition, several other funds also had small inflows, which may be the reason for the continuous rise of BTC in recent days. After a continuous counterattack, Bitcoin once again stood above 67,000. From the perspective of market sentiment, this is a rebound that has nothing to do with retail investors. Bitcoin's rapid growth did not lead to an overall rebound in the market.
On the contrary, judging from the recent performance of new coins, the hot money in the secondary market has begun to withdraw, and retail investors have also realized that the result of participating in the market competition is to contribute to capital. The real business capabilities behind the projects with hundreds of millions of dollars launched at any time are shocking, and value investment is even rarer. Instead of doing this, it is better to simply participate in speculation, and the Meme market came into being.
Judging from the situation of ETF funds, it has already entered a stable period. Objectively speaking, if we want to rely on this to drive the bitcoin price to soar again, there must be other larger funds that announce the purchase of BTC through ETFs, just like Tesla before. However, the current bitcoin price is not low, and the cost of entering through ETFs is higher. Who will enter in this way? We can only say that we can look forward to it and wait for that node to appear.
As for the market, the rise of Bitcoin is definitely a good thing. Although the market has not generally soared, the dydx ssv and other stocks we bought at the bottom have also risen by 20 points. Considering that Bitcoin is under pressure at this position, you can sell some of the altcoins first to make a wave. As for Ethereum, there has been no obvious rise yet, so you can continue to keep it.
Thank you for your attention and likes.
