Yesterday Review
Bitcoin (BTC):
Highest score: 70,096
Low: 66,312
Total movement: 3,784 pips
Ethereum (ETH):
Highest score: 3,949
Low: 3,498
Total movement: 451 pips
There was a wave of downward movement at 4 o'clock last night, and then the news of ETF approval was announced. The market is currently in a sideways fluctuation stage, waiting for the next trend. PEPE and PEOPLE in the meme sector are still strong.
Today's analysis
Bitcoin (BTC) and Ethereum (ETH)
ETF Status: Both ETFs have been officially approved.
Market trend: The current general trend is upward, it is just a matter of time.
People
Latest news: Peoplecoin continues to soar. Yesterday, Musk made a speech about the people, which inspired more people to buy more.
Market expectations: According to yesterday’s live broadcast, the next sectors to rotate are likely to be the Ethereum and Fan Coin sectors.
Recommendations
Bitcoin (BTC)
First pressure level: 72876
Support: 66724
Suggested operation: Try long orders near 67249, stop loss 100 points, take profit 300 points.
Auntie (ETH)
Pressure level: 3953
Support: 3632
Recommended operation: Buy on dips, refer to the above range.
The operation suggestions are for reference only and are not used as any basis for investment.
At 5:00 am Beijing time on May 24, when the market generally believed that the U.S. Securities and Exchange Commission (SEC) would announce a postponement or rejection, news came that the SEC had officially approved the application for the Ethereum ETF!
Specifically, the 19b-4 form for the Ethereum spot ETF was approved, which included applications from companies such as BlackRock, Fidelity and Grayscale. However, ETF issuers still need to wait until their S-1 registration statement becomes effective before they can officially start trading. The SEC has just begun discussing the S-1 form with issuers, a process that may require multiple revisions. It is not clear how long it will take, but Bloomberg analysts speculate that it may take a few weeks. In other cases, ETF approval usually takes 5 months, and the Bitcoin ETF also took at least 90 days, but the Ethereum spot ETF is expected to speed up the approval process.
The SEC approved eight spot Ethereum ETFs at one time, including ETFs from BlackRock, Fidelity, and Grayscale. Although the form has been approved, the listing and trading still need to wait for the issuer's S-1 form to take effect, a process that is expected to take several weeks to three months. Unlike previous predictions, the SEC chose to approve all applications at once this time, rather than approving just one. This means that ETH may have to experience the selling pressure of Grayscale Ethereum, which is about $10 billion.
At that time, Grayscale's GBTC selling pressure reached $21 billion, while ETHE's holdings were less than $10 billion. The Bitcoin spot ETF had an inflow of $300 million on its first day of listing, so how much capital will the Ethereum spot ETF have? Once Grayscale starts redemption, ETH's buying may not be able to withstand such a huge selling pressure.
Will Ethereum spot ETF drive other altcoin ETFs?
Of course, Ethereum is just one of many altcoins that trade on U.S. stock exchanges through the Trust.
In the United States, there are more than a dozen publicly traded trusts holding a variety of alternative crypto assets: Litecoin (LTC), Chainlink (LINK), Basic Attention Token (BAT), Bitcoin Cash (BCH), Decentraland (MANA), Ethereum Classic (ETC), Filecoin (FIL), Polkadot (DOT), Horizon (ZEN), Stellar Lumens (XLM), Livepeer (LPT), Zcash (ZEC), and Solana (SOL).
So, if the SEC approves a spot Ethereum ETF, will it also approve other altcoin ETFs?
Altcoin supporters believe that it is possible for non-Ethereum spot altcoin ETFs to be approved by the SEC after the Ethereum spot ETF. Their logic is: if the SEC allows Grayscale to convert its Bitcoin Trust into an ETF, why would the Commission deny other crypto asset promoters the right to convert their trusts into ETFs?
This argument would likely fail if the SEC claimed that crypto assets are unregistered securities. However, the SEC does not classify all crypto assets held in public trusts in the United States as securities.
Interestingly, many crypto trusts traded on the U.S. stock exchange OTC Markets hold unregistered securities explicitly designated by the SEC, including SOL, MANA, and FIL. It is rumored that there are more crypto assets designated as unregistered securities by the SEC, such as XLM and ZEN.
Nonetheless, some trusts traded on the U.S. OTC market do not hold unregistered securities designated by the SEC, such as the DOT or ETC Trusts. If the SEC approves a spot Ethereum ETF, the Commissioners may approve spot ETFs based on these potentially non-security crypto assets.
It’s important to note that just because the SEC hasn’t classified a crypto asset as an unregistered security doesn’t mean it isn’t. Congress has not required the SEC to proactively classify all assets.
Instead, the SEC simply chooses, on a case-by-case basis, to accept or reject the applications it receives, or to take enforcement actions for illegal conduct, based on the availability of its time, money, personnel, and resources.
The silence of the commissioners does not mean no appointment.
Of course, there are those who object to this logic. Unlike altcoins such as DOT or ETC, only futures contracts for Bitcoin and Ethereum are listed on the Chicago Mercantile Exchange (CME). For ETH alone, CME's market size is very large, which may be a reason for approving only the Ethereum spot ETF and not any other altcoins.
sol represents the series of MeMe coins:
Samoyedcoin is a cryptocurrency designed for the Solana blockchain, just like Dogecoin was designed for the Dogecoin blockchain - a fun, meme-based way to draw new users in. It started out as a memecoin in 2021, but has since shifted its focus to become a community coin for the Solana network, designed to educate and engage new users.
Some key information about Samoyedcoin:
Based on Solana: Samoyedcoin is built on the Solana blockchain, which makes it famous for its high speed and efficiency.
Community-focused: Its main goal is to serve as an onboarding tool for the Solana ecosystem and has a strong community, known as “Samo Famo”.
Continued Development: Although it started out as a memecoin, Samoyedcoin now positions itself as an “experimental Web 3.0 community coin” designed to drive growth in the Solana ecosystem.
Today's article ends here. We are currently in a bull market, and the situation is turbulent. We share passwords every day. If you don't know what to do in a bull market, welcome to follow Miao Jie Zhuye. Bull market spot passwords and layout strategies can be shared free of charge.
