July 4, 2024 Grandpa checks in
Bitcoin fell below the support of 60,000 and continued to test the strength of 56,000, driving the market down again. Judging from the decline, the linkage of this decline is quite obvious, including the decline of the copycat, which is relatively reasonable. This wave of Bitcoin decline must be due to the real chips being shipped. According to the current public information, the culprit is the German government. On-chain information shows that the German government's BTC address has been transferring Bitcoin to the exchange. Just today, after transferring 1,300 Bitcoins (worth 75 million US dollars) to Kraken, the price of Bitcoin fell below 58,000.
There is no doubt that this whole bull market belongs to the big pie, so the price of the big pie is also very attractive, especially for people or institutions who want to sell. As for ETFs, there have been signs of net outflows in recent days, but fortunately the amount is not large. I think there is no need to worry about the risks of ETFs. After all, it only started this year, and funds will not easily sell when they choose to enter the market. With the start of the quantitative easing policy of the United States, more funds will enter the market, which will have a positive impact on the inflow of funds into ETFs.
Another pressure on the market comes from miners. Since the price did not rise before and after the halving, the most direct impact of the halving is a surge in costs. Although a batch of old mining machines will be eliminated after each halving, according to institutional data, there are many signs that not only are more mining machines shut down, but many miners choose to sell their bitcoins for hedging. After the halving, the impact of the newly produced bitcoins on the market price has become smaller, but if miners choose to sell their bitcoins for short-term profits, it will form a period of selling pressure.
Overall, the market still depends on the rebound of the price of Bitcoin. I bought the bottom of this short-term market in advance, and fortunately I also controlled the volume of entry, so I continued to enter the market during today's decline. A good signal is that the cottage industry has not experienced a collapse-like decline, so the logic of buying the cottage industry at this time is also very simple, that is, it will be linked to Bitcoin, and the upward space will be higher than Bitcoin, with considerable risks and more profits. As for the recommendation of cottages, it will not be made public. You can choose some according to your preferences. The key is diversification. I will selectively promote more suitable projects later.
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