July 25, 2024 Grandpa checks in
This wave of market is within expectations. In addition to publicly mentioning several times in the article that some of the bargaining chips can be sold, the group chat also clearly told everyone to take profits. The logic of this wave of callback has been explained, that is, the pressure level has not been broken, and there are continuous good news in the market, forming a divergent market.
In addition, Harris's public speech yesterday was seen as a negative. Unlike Trump, she took a completely negative attitude towards cryptocurrencies, saying it was a scam. After Biden's election, the Democratic Party pulled the balance of victory to this side. Once Harris was elected, the most friendly four years that everyone expected would basically fall through, which also had a certain impact on the market.
However, the most direct impact is still the Ethereum spot ETF and Mentougou's selling of coins. The ETF had a net outflow of 130 million US dollars today, which exceeded the net inflow yesterday. As Grayscale continues to sell, there will be a period of pain. In fact, both the price and exchange rate of Ethereum show that there is selling pressure, and Grayscale's holdings are basically several times the profit, and the 3,000 position is likely to be broken again. Mentougou's selling has also had a real impact on the market.
However, there is no need to be pessimistic. I have made a judgment in advance on this wave of bottom-picking and rebound. The next one is likely to be a second retracement at the daily level, but I judge that the depth will not be too low. In this wave, I just took profit on the bottom-picking chips and freed up the positions. Then I will patiently wait for the next bottom-picking opportunity. If it is fast, it will come out this week, and if it is slow, it will be next week.
Thank you for your attention and likes.
