May 12, 2024 Grandpa checks in
Data shows that the current global Bitcoin ETF holds a total of 949,756 bitcoins, accounting for 4.5% of the total supply. It should be noted that many of the ancient giant whales of bitcoin are dormant addresses, and many private keys have been lost, so this data has a very large impact on the price of bitcoin. Therefore, the price of bitcoin in this wave of bull market has directly reached a new high because buying has been pouring in for a period of time, and as time goes on, more funds will slowly enter the ETF.
In fact, from this logic, if Bitcoin is to fall in the future, there must be selling pressure from profit-taking, and the selling pressure must suppress the buying of ETF funds. After the Bitcoin halving, the output of the mining end has been greatly reduced. The inflation after this halving has become lower, so the probability of new selling pressure to suppress the price is very low. On the whole, if Bitcoin prices are to plummet, it must be the behavior of funds in the circle. The influence of ETF chips on the price drop is not to be feared. After all, the total amount is so much, and the new purchases this year will not be withdrawn without special circumstances.
In terms of the market, there is still no special fluctuation, which is a bit boring. Considering that Bitcoin has been near the support level of 60,000, my suggestion is to do some bottom-fishing in this price range. The bottom-fishing choice is biased towards Ethereum and more mainstream cottages. Many people think that Ethereum is weak. The gas on the chain is as low as 3 dollars today. On the other hand, the activity on the Ethereum chain is so poor, and the price is still around 3,000. Does it mean that the financial strength of Ethereum is not as single as everyone imagines? Low gas often corresponds to the historical bottom price. When the ecosystem becomes active again, the price of Ethereum is still very imaginative.
If you want to ask whether this support is likely to be broken, there is no doubt that it exists, and according to the downward relay, the probability of breaking is not low. However, just like the judgment of the price of Bitcoin, the downward buying and selling pressure are not equal. Even if the decline is not too large, and many mainstream coins have been near the support position, so we have reason to buy some. Just consider that if you buy at the current price, the funds can be kept in it for a long time.
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