Yesterday, Nvidia's stock price rose again, surpassing Microsoft and Apple to become the company with the highest market value in the world. A new era of artificial intelligence is about to begin, and it will penetrate into various fields and our lives. The U.S. stock market is closed today, so it is estimated that today will be a boring day.

Bitcoin ETF had a net outflow of US$152 million on June 18, with the main outflows coming from FBTC of US$83.1 million and GBTC of US$62.3 million. There is no inflow.

The issuer of the prospective Ethereum spot ETF received comments from the U.S. Securities and Exchange Commission (SEC) on its S-1 form last week, and needs to revise and submit it by Friday, according to two sources. Although the issuer's 19b-4 form was approved in May, they still need the S-1 form to become effective before they can start trading - a process that does not have a strict deadline. Currently, the forms are being revised and returned to the SEC for further comments until they are ready.

And yesterday, it was said that the SEC had concluded its investigation into Ethereum 2.0, which may mean that the SEC will no longer consider ETH as a securities transaction. Both pieces of news are good for ETH, so Ethereum led the E-prefix rebound today.

RWA protocol Ondo Finance announced that its yield-based stablecoin USDY can now be used as collateral on Drift Protocol, a perpetual contract protocol based on Solana. In addition, users can also deposit and borrow USDY on Drift. ONDO's territory is still expanding, and its leading position is prominent, and there is still a lot to look forward to in the future.

Over 87% of Bitcoin’s current circulating supply is still profitable, so the market is still in a bull market phase.

Currently, the average token sent to the exchange has realized a profit of about +$55,000 and a loss of -$735, respectively. This means that holders are withdrawing funds, and the demand is enough to absorb the seller pressure, but not enough to push the market price higher. This shows that the market structure is more conducive to range traders and arbitrage strategies rather than directional and trend trading strategies. It also means that this stage should be a time of shocks, which is what we call garbage time.

Despite the market's volatility and sideways movement, the average Bitcoin investor has remained largely profitable. However, the volume of spot, derivatives markets, and on-chain settlements is shrinking. Demand and sellers seem to have reached a state of equilibrium, resulting in relatively stable prices and significantly reduced volatility. The market has entered garbage time, which historically shows that no matter which direction the price fluctuates, some positive or negative stimulus is needed. The foreseeable election and interest rate cuts are the most important positive stimuli, but whether a black swan will appear during this period is unpredictable.

Market Interpretation

Big Pancake stopped falling today under the leadership of Second Pancake, but it is of no use. It is expected to continue to fluctuate in the future, and the US stock market will not open today, so the volatility may become smaller. Today we can only watch the performance of Second Pancake.

With the support of favorable factors, the two-billion-yuan market rebounded quickly to above 3,500, and the exchange rate pulled back to 0.054. The ETF is very likely to be listed in July. I don’t have much desire for it and just take it as a Buddhist approach.

Today, the altcoins are exclusive to Ethereum. SSV and PENDLE have rebounded strongly. The currency properties of these two coins are really good, the funds are relatively active, and the cost-effectiveness of low-cost buying is very high. Yesterday, I cleared out a small-cap altcoin in the AI ​​sector and replaced it with a large-cap altcoin. I feel that the leading altcoins are more impactful. Although the leading altcoins have fallen a lot in this wave, they performed well today.

Bitcoin Fear Greed Index: 64 (Greed)

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