Last night, Buffett's Berkshire Hathaway Class A shares plummeted 99.97% due to technical problems at the exchange. The New York Stock Exchange said that all erroneous transactions caused by technical problems were deemed invalid, that is, the data was rolled back. Even a strong company like the New York Stock Exchange would have such problems. It is impossible to conclude whether the decline of Bitcoin and US stocks yesterday was related to this error, but the money from the contract explosion cannot be rolled back.
Bitcoin ETF had a total net inflow of US$105 million and 1,521 coins on June 3, which is still flowing in, and has not been affected by US stocks, indicating that investors should be optimistic about this week's non-agricultural data.
Recently, many posts about exchanges being stolen have been exposed on X. First, BN’s account was stolen and the funds were taken away by counter-trading, and then OK’s wallet page was hijacked by hackers. When we learned about this incident, we should still think about ourselves, especially for friends who often log in to their accounts on the web version. It is best to check it quickly and clear cookies and data, especially not to let the browser record passwords casually. It is convenient, but once a problem occurs, it will be too late to regret, especially for people with large funds. There will definitely be loopholes in the program. This cannot be helped, but we should be able to minimize human losses through our own means.
Looking back at some history, we see that there will be a supply and demand conversion or wealth transfer cycle in every bull market cycle. It was mentioned before when sharing on-chain data that the current wave of LTH supply distribution has ended, and LTH has begun to accumulate again, while STH (short-term holders) has not yet begun to enter the demand period, that is, the second wave of the bull market has not yet begun. At present, LTH has just begun to accumulate. When it enters the second round of distribution cycle, it is likely that the bull market is about to end.
Market Interpretation
Although Bitcoin hit 70,000 yesterday and was beaten back, it is very likely that it was mistakenly killed. It is very likely to hit the 70,000 mark again today, but the 70,000 mark is not an important resistance. 71,000-72,000 is the strong pressure zone. Bitcoin has rushed up 4 times since March and has not broken through here. It can also be said that breaking through 72,000 is basically a new high. It is still looking for an upward attack posture. If the posture is right, it will be a pillar of support.
The two cakes are basically sideways, and we are still waiting for the listing of ETFs. Let's continue to wait.
In terms of copycats, chain games have seen a large-scale correction today, and there is a sense of a wave of flow. This chain game sector particularly likes a wave of flow, rising a wave and then going back, which shows that it is still a speculative game of short-term investors, so chain games must hold positions flexibly. Once trapped, it is likely to be locked for a long time.
Today's Bitcoin Panic Greed Index: 73 (Greed)
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