Let's review the overall situation of ETF last week. Last week, there was still a net outflow, with a net outflow of 1,626 pies. However, the overall trading volume of ETF was obviously much lower than before. Not only the outflow, but also the inflow was very poor. It should be the week with the lowest trading volume so far. It can be seen that the impact of the macro and external factors of the US stock market has the greatest impact on ETF. Therefore, after joining the ETF, we should pay attention to a wider range of information, which will help us to sort out the logic.
Bitcoin completed the halving on April 20. On the day of the halving, the new Bitcoin ecosystem RUNE protocol (rune) began to be launched and promoted. A wave of rune-hitting craze came. Affected by the rune-hitting craze, according to glassnode data, on April 21, Bitcoin miners' daily income reached 106.7 million US dollars, a record high. The linkage affected the rise of BRC20 (inscription), so can we see who is the biggest beneficiary of the Bitcoin ecosystem? Why does it promote the rise of "X texts" and ecosystems one by one? The logic behind this is inseparable from the miners. But there is no huge hit like ORDI SATS in Rune at present. Maybe everyone has become cautious after the wave of rune inscriptions. If there is no hit, then this ecosystem will not be popular. There must be a hot spot before people rush in.
A suspected Sun brother's on-chain data was captured. According to Lookonchain monitoring, the suspected Justin Sun address has deposited 787 million USDT to Tron on Binance since March 31. Also on March 31, a mysterious wallet was created on Ethereum and withdrew $96.8 million worth of stablecoins from Binance. If the guess is true, then Sun brother has purchased a total of 295,757 ETH (about $891 million) from Binance and DEX at an average price of $3,014. Regardless of whether it is Brother Sun or not, there must be a logic behind this whale buying so much ETH. It is very likely that he went to the restake to eat and take. And I don’t think it was a naked purchase when he bought so much. There must be hedging methods, or there may be some gossip or something like that.
This week, Hong Kong ETFs are expected to be listed and traded. We can look forward to the capital inflow after listing, especially for Ethereum.
The governance token MERL of the Bitcoin ecosystem's largest pledged L2: MERLIN was launched last Friday and performed very averagely. Excessive airdrops, the time of its launch, and the objects it chose to embrace should be the main reasons why the price did not rise. However, the current circulating market value is about 200 million US dollars, which is somewhat underestimated compared to its TVL.
Has the big cake rebounded? I said no, if it can't go up to 68,000, there will be no bullish rebound, but it is a fact that it rebounded very well. It is currently at the 4H level resistance position. If this position encounters resistance, it will adjust for a period of time. I feel that there will be 12-24 hours of adjustment before we can see the direction clearly. The short-term right support position is 63,500. The daily level has 5 consecutive positives, touching the Bollinger middle rail, which is also the pressure position for the rebound, so there is a high probability of adjustment again in the next few days, but don't panic. Adjustment is normal.
The two biscuits are linked, and they have not become stronger because of the increase in holdings by whales.
For the cottage industry, the two sectors that rebounded the most this time are the AI sector, which fell a lot in the early stage, and the MEME sector. The MEME sector should become a main line of this bull market. Anyway, I believe it this time.
Today's panic greed index: 73 (greed)
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