During the 618 coin price discount promotion, the big cake rose by one point, and the copycat coins rose by ten points. Many copycat coins have returned to the position of 413. It is hard to say whether it is gold or a trap. The market is no longer affected by macroeconomic data and is now almost controlled by the bears. Emotions dominate the market, and yesterday's rise seemed to be for a better decline today.

Bitcoin ETF had a net outflow of 145 million US dollars on June 17, mainly from FBTC with 92 million US dollars and ARKB with 50 million US dollars. The recent outflow of ETFs is also one of the reasons for the market decline.

In the past 24 hours, the entire network has been liquidated for 480 million US dollars, of which 420 million are long orders. This liquidation data is actually not very large. The main liquidation point is ETH. The liquidation volume of the copycat is acceptable, concentrated on the MEME coin. Therefore, MEME itself is a high-volatility and high-risk coin. Adding leverage is extremely greedy. Based on the above data, I think there will be no copycat pins this time, and the probability of a blunt knife cutting meat is higher.

Ethena has announced a token economics update. Recipients of Season 1 ENA must stake half of their ENA by June 23. Unstaked ENA will be redistributed, and the adjustment model will not have any effect on the price of the coin for the time being. ENA is 1+1>2 in a bull market, and vice versa, the more it falls, the worse it gets. This is determined by his own model, but USDe's current total is still growing, and it has become the fourth largest stablecoin by market value, with a market value of over 3.5 billion US dollars.

In garbage time, MEME is still making people rich. A MEME coin called DJT is widely circulated as Trump's token. I would like to say a few more words about MEME. If the next wave of upward trend starts, whether MEME will still become the mainstream sector of the market needs to be observed. Although the whales are still increasing their positions in PEPE, many retail investors have been stuck on the top of the mountain. It is very likely that MEME coins will not be able to get out of the trap once they are stuck on the top of the mountain, because retail investors' funds and consensus alone may not be supported by valuation and project data like VC coins. Therefore, you cannot fall in love with MEME coins. Just participate with small funds. Otherwise, you may be deeply hurt and may not be able to get out for a long time.

Market Interpretation

The decline of Bitcoin today is relatively limited. The 64,000 point has not been broken. There may be more garbage time in the next two weeks. This decline is similar to the last time. Bitcoin fell slightly, and the altcoin fell sharply. The altcoin stabilized and Bitcoin made up for the decline. So once Bitcoin makes up for the decline, it may be the bottom. 60,000-64,000 is still a dense support for chips. If Bitcoin makes up for the decline, bottom fishing in this range may be cost-effective, but it does not mean that it will rebound immediately. It may take longer to bottom out this time. Please wait patiently.

Two-cake weak linkage

There are almost no unique altcoins. There are too many blood-sucking projects listed recently. There is only so much money. There are constantly new projects with high market value to suck blood. There may be big projects launched this month. This is definitely not good for the altcoin market. Most of the coins I bought at the bottom of 413 have also been roller coasters. Because I didn’t make much profit on this wave of 70,000, I didn’t reduce my positions, which made my current positions a bit unbalanced. I may choose to hedge part of the risk first, but don’t learn from me, because most of my positions are just roller coasters, and I haven’t lost too much. Some good spot targets can be used for a while.

Bitcoin Fear Greed Index: 74 (Greed)

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