Attention everyone! The latest development of the Mentougou selling pressure. How many chips are left to be dumped into the market? When will it end? And the FTX repayment is coming soon? You must know these key information!

There is light at the end of the tunnel. Binance, the largest cryptocurrency exchange, has released a mysterious date! Last year, Binance had a 10 billion rescue fund (industry recovery fund), which caused Bitcoin to surge 40% in a week. Will this miracle happen again? Which coins are worth buying now? Let's follow Shuqin to find out.

The first thing that everyone is most concerned about is the actual progress of the Mentougou selling pressure. Has he started to repay the loan? How many bitcoins are waiting to be sold?

It is a pity that although the cryptocurrency market has fallen so much, Mentougou just sold 2,700 bitcoins at noon today. The current decline is more of a panic situation, so the cryptocurrency market has fallen to this point before the 8 billion selling pressure has even started to be sold, which is very worrying.

After being silent for a month, the Mentougou address has started multiple small transfer tests in the past two days to prepare for the transfer of funds to the exchange, which means that the real repayment is coming soon. At noon today, Mentougou also transferred 2,700 bitcoins to the exchange for the first time, starting the repayment journey, which may last for one or two months.

But the good news is that Mentougou repaid the 8 billion directly with Bitcoin instead of selling it into legal currency first and then repaying it.

Because these creditors are old investors, and the cryptocurrency market is expected to have a bull market this year, most people will not sell the coins immediately after receiving them. Therefore, the actual selling pressure may be only around 20 to 30 billion.

In October, FTX will also start repayment, but the repayment will be in fiat currency rather than cryptocurrency, because FTX's coins have been sold out, so FTX's repayment will inject a large amount of money into the market, and many people will re-enter the crypto field after receiving the money. After all, there are strong bull market expectations at the end of the year, so in October there will be tens of billions of buying orders from FTX entering the market. This is a positive factor that many people have overlooked. By then, Mentougou's repayment will be completed and the negative news will be exhausted, and then FTX will release funds to enter the market, and the real bull market in the currency circle will begin to continue to erupt at that time.

Now back to the current market situation, the main seller is not the whale but comes from Germany.

He has seized a total of 50,000 bitcoins in law enforcement in recent years. There had been no movement before, but since the past two weeks, he has been frequently transferring bitcoins to multiple exchanges for sale. He has currently transferred 10,000 bitcoins, or 600 million US dollars. He still has 2.4 billion US dollars in his wallet, plus the ones in Mentougou. The market is indeed facing very big challenges.

Even Justin Sun was anxious and called out to Germany, hoping to buy all the coins in its hands through over-the-counter transactions to reduce the selling pressure in the market. We don’t know whether Sun Ge was just trying to take advantage of the popularity, but at least he was able to stand up and call for orders at this time, which was a bit helpful.

However, we have experienced this kind of market situation before. Whether it was the FTX collapse, the liquidation of Three Arrows Capital, or the COVID-19 pandemic, each of them was a negative factor worth tens of billions of dollars. In the end, Bitcoin rose again after falling by 20 to 30 percent.

Facts have proved that buying at the bottom at that time will reap considerable returns in the following months, so give yourself some patience and give the market some time, okay.

It’s not all good news now. Binance, the largest player in the cryptocurrency world and a long-dormant company, is likely to make a big move on July 14. Last year, Binance even used an industry recovery fund to boost the market, causing Bitcoin to surge 40% in just one week.

Let’s first take a look at what Binance official tweeted: Please remember this day.

Then the picture below is July 14th. Many people are guessing what the meaning of this day is. As an old investor, Shuqin knows that this day will be the 7th anniversary of Binance. The two 7s on its sunglasses represent the 7th anniversary.

Now let’s talk about Binance’s rescue of the market. In March last year, Bitcoin also plummeted, from 25,000 to 19,000. As a result, Binance’s head Zhao Changpeng began to rescue the market.

The announcement that a $1 billion industry recovery fund would be used to purchase Bitcoin, Ethereum, and BNB completely ignited the cryptocurrency world.

At that time, Bitcoin rose rapidly by 40% from 19,000 to 28,000, and then to 31,000 in just a few days. Billions of short orders became fuel, and market confidence began to recover at that time.

So Binance is warming up for its 7th anniversary and asking everyone to remember this day. It is very likely that it is going to announce something important.

Even if he doesn't announce a price-pump of the same magnitude as last year, at least he will definitely release some good news, so everyone can pay attention to BNB, there may be unexpected surprises.

Moreover, there is no actual selling pressure in Mentougou for this coin, so you can buy some at the bottom and see if there will be better positive news on July 14 and play short-term.

Yesterday at noon, when Bitcoin fell below the key support of 60,000 and could not be recovered, Shuqin had already issued a warning and asked everyone to run away.

We also updated the sell-offs in Germany and Mentougou in a timely manner. At that time, it was still 59,000, but it fell to 53,000 the next day, which was very close to the target, and we also took a chance on a rebound.

So despite the sluggish market, Shuqin is still guiding everyone in real-time operations, doing her best to help everyone avoid losses in such extreme market conditions, and even seize opportunities to make a little profit. This is the result of many years of trading experience!

Those who are interested in daily operations can come and have a look.

Okay, let’s continue.

The cryptocurrency market has fallen so much now, what is the real on-chain data?

First, let's look at the data from Bitcoin exchanges. We can clearly see that many people have recently transferred to exchanges to sell. However, overall, although there is selling pressure, it is still acceptable and not too outrageous. After the summer off-season is over, various funds will flow in again.

Compared with the upcoming tens of billions of negative news on Bitcoin, Ethereum really has no other substantial selling pressure, and the on-chain data is also much stronger than Bitcoin.

Large investors are mainly hoarding coins. The more the price falls, the more they buy. Even the negative news from Mentougou did not cause much impact, and the fundamentals are good.

After the ETF goes online next week, there will be additional Wall Street funds flowing in. Even if it is small, it is additional buying, which is much stronger than other currencies with capital outflows. So I think it is more stable to buy the bottom of Ethereum than the bottom of Bitcoin.

In addition, the CEO of WinterMute, a well-known Wall Street market maker, believes that this is the seasonal off-season for the cryptocurrency market. He expects the cryptocurrency market to recover before the US election in August and September, which was indeed the case in the last election.

So now is really the most difficult time in the cryptocurrency world, but as long as you can hold on for this month, there will be a bright future ahead, and it will be the bull market we are all looking forward to! Come on!