The market is getting better again. Bitcoin broke through the 50,000/50,000 mark again today, and the volume has also rebounded. You should know that Bitcoin has been falling wildly during the Asian trading hours in the past two weeks, so today's market is very rare, and it also confirms what I mentioned yesterday that the German government's dumping has bottomed out the market. Germany started to dump one or two thousand coins every day, and the market was in a panic. Everyone imagined that if 10,000 or 20,000 Bitcoins were dumped at one time, the market would return to zero. However, since Germany dumped 13,000 Bitcoins at one time on Monday, the market has not reacted much. After the response, retail investors finally saw the market's ability to absorb it. The German government digested only tens of thousands of bitcoins in two or three days. Together with the currencies of Mentougou and the US government, that is the amount digested in one month. This is similar to the Grayscale GBTC crash at the time. You must know that in the two months since Grayscale's crash, the bitcoin price has risen from 40,000 to more than 60,000. Therefore, the institutional selling is not a big negative factor. On the contrary, it has eliminated the bombs that were hanging before. Once these mines are cleared, the market will no longer be constrained, and the violent bull market in Q4 will be a natural result.

This morning I checked the German government's wallet. Including the coins returned by CEX, Germany sold a total of about 3,500 bitcoins last night. We know that the market's daily selling pressure is about 13,000 coins, so this amount has basically no impact on the price of the currency. In addition, the Bitcoin ETF saw a positive inflow of US$216 million last night, which is equivalent to nearly 3,700 bitcoins. That is to say, the Americans took over all the Germans' goods. ETF, as a weather vane of the secondary market, has played a huge role in boosting confidence in the Asian market today. This is why the bitcoin price once had the potential to hit 60,000 during the day. Of course, the premise of all this is to thank the Germans for bottoming out the market on Monday, otherwise the big funds would not have poured in so resolutely.

In the altcoin market, the Ethereum ETF is already ready to go, and major institutions are submitting the latest 8-A12B application documents, which are basically the final documents before the ETF is listed. In addition, Grayscale and major institutions have begun to support the Ethereum ETF. Grayscale does not even charge any handling fees, and will transfer 10% of ETH to its new mini Ethereum Trust. Several other institutions, such as 21shares, also do not charge any handling fees. It seems that the Ethereum cake is also very popular. However, the ETH/BTC exchange rate fell last night. It is estimated that some people are avoiding the short-term negative impact after the ETF is approved. After all, there are nearly 3 million ETH in the Grayscale ETHE wallet. If half of it is sold out, it will be 4.5 billion US dollars. There will definitely be an impact on the currency price in the short term.

As for the performance of the copycat sector, judging from the performance of coingecko in the last 24 hours, the top rankings are all public chains, especially the modular sector. After experiencing ups and downs, tia has once again emerged from the strong market, and has been leading the list of gains for several consecutive days. The modular sector has also been driven, and dym saga has also been very strong, with an increase of about 15%. Many friends don’t know what modularity is specifically worth. In fact, it means that the consensus layer, data layer, execution layer, and settlement layer can be separated and combined with each other. This concept comes from the traditional Internet, but it is most suitable in the blockchain world, because dapp developers can customize the public chain at low cost according to their own needs, that is, one-click chain issuance, which is absolutely necessary for developers who create killer applications, and its value far exceeds that of ordinary public chains; of course, other public chains also performed very well yesterday. sei rose 12.5%. Before monad came out, it was the leader of parallel EVM; tao rose 12%, the leader of the AI+pow track. I have used his product, which is similar to chatgpt. As a currency project, it is very strong. The increase of other projects is basically below 10%. In short, today is definitely a public chain market.