Yesterday, the total inflow of ETFs was 217 million US dollars, and Grayscale GBTC had a net inflow for the second consecutive day, with a volume of about 4 million US dollars. The improvement in data is unstoppable, and the macro sentiment is gradually improving. The market is waiting for the final bottom confirmation of the market.
On the macro level, the SEC postponed the decision on further action on the Ethereum spot ETF. The next decision date is July 5. The result is basically as expected by Sun Ge. It is highly likely that it will not be approved in the short term. The large investors on the chain are still accumulating funds. Although Ethereum has not performed well in the short term, its position as the leader of the second tier is basically determined. Ethereum is indeed a test of patience. I hope that I will not be deceived again in this round.
After reaching 65,500 points yesterday, the market started to pull back, and the lowest point fell to 62,700 points. If the technical downward adjustment continues in the short term, the breakthrough of 65,000 points this time can be regarded as a false breakthrough before the market reversal. Its role is to test the current bullish sentiment and the potential bearish momentum.
Many friends are asking whether the current bull market is over. In fact, I have discussed this issue with you many times before. The core reason why Shanzhai can't be pulled up is that Shanzhai is rampant, and the current liquidity cannot bear such a market value. The market value of Shanzhai at the peak of the last bull market was 1.2 trillion. At the beginning of the current bull market, Shanzhai has reached 1.2 trillion. Without real funds entering the market, it is difficult to exchange chips for retail investors by telling stories.
But even so, for some high-quality projects, there will still be a very good development environment under the environment of visible liquidity expectations. The copycats just don't take over each other, play their own projects, and no longer join the circle. For those copycats that only have stories but no future, the early top may be the real top, and we still can't see the late bull market.
My suggestion is to focus on altcoins, and play with the top of the chain or project, the kind with moderate market value and high future expectations. If there is a strong market consensus, it will be even better. The top of the Ethereum and Bitcoin ecosystems have ecosystems, while the top of the meme series has no ecosystem but has enough consensus, and the two complement each other.
Back to the market cycle, the current bull market rebound relay is confirmed by multiple parties, and the market consensus is mostly consistent. Friends who have experienced the big bull markets in 2017 and 2021 know that in a big cycle, similar rebound relays will occur three to four times, and each time a new sector will rise, and then a new sector will fall. Objectively speaking, in this round of bull market process, only the big pie has already gone out of the circle, and the others have not officially started independent market, and the market dynamics are linked to the Fed's policies, so it is really not recommended to worry about a little volatility.
I won’t say much else. The recent technical adjustments are still continuing. Let’s focus on the AI and meme heads mentioned a few days ago.
BTC: If Bitcoin sees a second test this week, it won’t take too long. If you are more aggressive, you can start bottoming out the mainstream sectors after Bitcoin breaks 62,000 points rapidly. If you continue to look down to 60,000 points, there is a buffer space of 2,000 points, and there is no expectation of a new low. My mainstream positions have not changed in this round of Bitcoin adjustment. In the bull market relay market, those with similar positions can just hold on to the coins. After the adjustment within the month, the rebound will continue.
ETH: Ethereum is linked to Bitcoin, with a daily support of 2760 points. Most of the recent bottom-fishing on the chain choose Ethereum between Bitcoin and Ethereum, probably considering the short-term cost-effectiveness, for reference only.
Copycat: The meme series on the ETH and SOL chains are given as references above. For the AI sector, you can pay attention to pixel, agix, ai and xai. Just choose one or two to pay attention to. Follow the trend, not the overall situation.
Finally, stay away from leverage and stock up on spot goods! #BTC走势分析 #以太坊ETF批准预期 #5月市场关键事件 $BTC