Let's take a quick look at the market data:
The early morning rise successfully increased the market share of Ethereum. Compared with Friday, Bitcoin lost 0.8%, Ethereum rose 0.7%, and the copycat gained 0.1%. This round, Ethereum is supporting the market. However, how long can Ethereum's popularity last and whether it is as strong as Bitcoin ETF? We cannot be too optimistic at present.
The retained funds in the market are 161.2 billion, an increase of 400 million compared with Friday and 200 million compared with yesterday. This is the total market value of stablecoins in the market.
In terms of net inflow of off-site funds, Asian funds flowed out again by 100 million yesterday, but as of today, 200 million funds have returned.
The net outflow of US funds yesterday was less than 10 million US dollars, and about 100 million US dollars of funds returned today.
Then compared with the increase in on-site funds, the source of funds has been basically found, and the main stablecoin funds have returned.
It seems that the rebound of the crypto market relying on US stocks is still not strong enough, and it still needs to be driven by its own narrative. An Ethereum ETF brought back 100 million US funds over the weekend. The key is that this ended the outflow of US funds that lasted for a week, which is a good thing. Market sentiment is warming up from the perspective of funds.
In terms of trading volume, the current trading volume is low, with only about 66 billion in the entire network. In the early stage of the rebound, shrinking volume is a good thing, representing the weakening of short-selling power, but after the continued rise, or in the continuous rise stage, the market needs large-volume trading. Therefore, if there is an increase tomorrow, we must focus on the growth of trading volume.
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This wave of Bitcoin's rise in the early morning is obviously the result of Ethereum, and Ethereum has received a strong rebound due to the popularity of the May ETF. It is really not easy.
However, there is no need to be too optimistic. Bitcoin's rebound is obviously weaker than Ethereum. The key monthly resistance level fell back after a sharp drop, indicating that the resistance near 64,000 is still not small. Above, the daily resistance level has come to around 65,000. Although the decline of the key resistance level has made the distance between the price and the resistance level smaller and smaller, it also brings more resistance to the subsequent short-term price breakthrough. How to break through the resistance level in one go and stand firm is very important.
As for Ethereum, the breakthrough is obviously stronger than Bitcoin, but it has also barely broken through the upper track of the daily Bollinger Band, and the RSI relative strength index is about to start near 70, which means that the price has just come to a safe range, and the emotion is about to start overbought emotions. The release of emotions is not in contrast to the price increase, and the market is still weak.
Of course, we can attribute this to the fact that it is the weekend, but whether it can really bring about an effective breakthrough still depends on the situation on daily trading days.
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