According to Grayscale’s latest report, the cryptocurrency market is currently described as being in the mid-stage of a bull run and is supported by strong fundamentals and technical support. They liken this phase to the fifth inning of the current bull market. Grayscale analysts pointed out that as the price of Bitcoin rises, so does the net unrealized profit and loss (NUPL) ratio.
Additionally, analysts have observed that retail investor interest in cryptocurrencies remains below levels seen during the 2021 bull run. Google Trends data shows that search interest for “cryptocurrency” remains low, suggesting that public interest in cryptocurrencies may not have fully recovered yet. Taking these technical and fundamental factors into consideration, Grayscale concludes that the bull market is here to stay. However, they also recommend that investors closely monitor inflows into spot Bitcoin ETFs and other macroeconomic factors in order to detect signs of market changes in a timely manner.
GBTC had a net outflow of US$300 million yesterday, while ARKB hit a record single-day net inflow of US$201.8 million. This phenomenon indicates that investors’ preferences for Bitcoin ETFs are changing. Compared with traditional GBTC, ARKB's ability to attract money is obviously stronger, showing investors' confidence in ARKB, which has more than US$3 billion in assets under management. In the ever-changing environment of the Bitcoin market, investors have higher demands for more flexible and innovative investment tools. This also reminds investors that when choosing a Bitcoin ETF, they must not only pay attention to its historical performance and management scale, but also consider its investment strategy and ability to adapt to market changes.
Fidelity submitted an S-1 form and planned to launch a spot Ethereum ETF, which attracted market attention. This move will provide investors with a more convenient channel to participate in the Ethereum market and further promote the development of the cryptocurrency market. It is worth noting that the S-1 form also includes a staking function, which may provide the ETF with more flexibility and stability and help attract more investors. This move by Fidelity is expected to bring new impetus to the development of cryptocurrency ETFs, while also bringing more choices and opportunities to the market.
The spot Bitcoin ETF applications of Hong Kong asset management company VSFG and Value Partners have attracted widespread market attention. As the cryptocurrency market continues to mature and the regulatory environment improves, more institutional investors are beginning to pay attention to the development of Bitcoin ETFs. A report from Bloomberg News shows that the Hong Kong Securities and Futures Commission may approve a physical Bitcoin ETF in the second quarter of this year, which brings a positive signal to the market.
As an international financial center, Hong Kong has a good market supervision and investment environment. Its approval of Bitcoin ETF will provide global investors with more opportunities to participate in the cryptocurrency market. This move will bring more liquidity and compliance to the cryptocurrency market, helping to further promote the stability of Bitcoin prices and market development. For investors, the approval of Bitcoin ETF means that they can invest in Bitcoin through traditional financial market channels, reducing investment thresholds and risks. At the same time, this will also promote the integration between the cryptocurrency market and the traditional financial market and promote the further development of the entire industry.
Valkyrie Chief Investment Officer Steven McClurg’s remarks attracted great attention from the market. His prediction for an Ethereum spot ETF suggests that ETH may be considered a security, which could delay the approval of its ETF. Instead, he believes that LTC and XRP spot ETFs may be approved sooner than ETH.
The raising of this point of view not only aroused investors' attention to the approval time of various cryptocurrency ETFs, but also had a certain impact on the future trend of the cryptocurrency market. Especially with the approval of cryptocurrency ETFs, it will provide more institutional investors with a convenient way to participate in the cryptocurrency market, further promoting the development and maturity of the market.
The merger of SingularityNET, Fetch.ai and Ocean Protocol into the ASI token is expected to create a huge ecosystem worth approximately US$7.5 billion. This merger will not only integrate the technologies and resources of the respective projects, but is also expected to promote cross-chain cooperation and innovation. For investors, this means they will be able to access more services and features on a more unified platform, potentially improving their return on investment. The move is also expected to bring more collaboration and integration to the entire blockchain industry, pushing its development forward. It should be noted that there may be some challenges during the merger process, such as technology integration, governance structure and other issues. Investors should remain vigilant, pay close attention to post-merger developments and assess their impact on the long-term development of the project.
BTC: Yesterday, it closed a spindle line with a long upper shadow line. The upper and lower shadow lines represent that the long and short competition was more intense last night. The upper shadow line is longer than the lower shadow line, indicating that the short sellers currently have the upper hand. However, the long-short ratio remains low. Combined with the huge accumulation of funds on the hourly line at 22:00 last night, it means that the acceptance below is very strong, which is also enough to illustrate the indestructible determination of the bulls. At this stage, there is a high probability that it is a rising relay form, and it may take 7-14 days to adjust. In the adjustment stage, as long as the price drops, it will give new people the opportunity to get on the bus, and they can just hold the currency in the long term. Strong pressure: near 73,000; near 77,000;
ETH: Yesterday, it closed a small negative line with a long upper shadow line. There is indeed some selling pressure above the surface. A giant whale sold 17,768 ETH, and the competition in the L2 public chain is also fierce. The result of ETF approval in May is unknown, and it rained all night long. The short-term weak linkage is the trend of bits. I firmly believe that the market outlook will definitely pick up, and just hold on to the currency in the long term. Strong pressure: near 3697; near 3850;
Altcoins: These days, it has been emphasized that some altcoins can be deployed at dips. Today, the altcoins have basically linked up with Bitcoin and seen a general rise in the market. The main trend of Shanzhai's Shenglang market is far from coming. At this stage, it is best to find a good track and hold the currency without moving. You can also pay attention to Restake and Bitcoin L2 track tokens.
Today’s hot sectors: An IEO; Metaverse;
The panic index is currently 80 (extreme greed) #BTC🔥🔥🔥🔥