The gap between BlackRock and Grayscale’s Bitcoin holdings has narrowed to less than 2,000 BTC
The gap between BlackRock and Grayscale's Bitcoin holdings has further narrowed, and has now narrowed to less than 2,000 BTC. According to official data, Grayscale's Bitcoin ETF GBTC held 289,040.5264 BTC (worth approximately US$20,002,254,770.20) as of May 24, while BlackRock's holdings during the same period were 287,167.7407 BTC (worth approximately US$19,794,802,610.26). The difference between the two is only 1,872.7857 BTC, and the market value difference has narrowed to approximately US$200 million.
Global Bitcoin ETF Management Scale Exceeds 1 Million BTC
According to Bold.report, all Bitcoin exchange-traded funds (ETFs) around the world hold more than 1 million Bitcoins in total, a milestone achieved for the first time on March 12. These ETFs are located in multiple countries including the United States, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil, and Australia. U.S. ETFs lead the way, with Grayscale GBTC holding about 292,000 BTC, followed by BlackRock IBIT holding about 280,000 BTC and Fidelity FBTC holding 162,000 BTC. The three giants hold a total of about 734,000 BTC. According to Farside, the total net inflows of U.S. Bitcoin ETFs have now reached $13.7 billion.
Cryptoquant analyst: The cryptocurrency market is still in a bull market, and BTC may rise further in early June
Cryptoquant analyst CryptoDan wrote that the cryptocurrency market is still in a bull market, and the price of Bitcoin has not yet reached its peak, predicting that it can rise further. In the past bull market, the MVRV peaks were 4.83 and 3.97, respectively, and currently only reached 2.78, which has not yet entered the overvalued area, and is expected to rise further. After entering the overheating stage in March 2024, Bitcoin has experienced more than two months of sideways and adjustment, and is likely to rise further in early June.
From the current perspective, this week is another critical week for Bitcoin. Whether it closes in the positive or negative direction will affect the future shape. Whether it will be a rising flag to form a head or a bottom triangle, we will have to wait and see. However, judging from the trend of the moving average, it is possible to continue to stretch. Judging from the trend of the Bollinger Bands at the opening of this week, there is not much chance, because it is gradually developing towards a wide range of fluctuations. If it does not open again this week and next week, a wide range of fluctuations will be completely formed. Therefore, for the sake of conservatism, a new high or a second high will exist, but no higher points can be seen. In the future, there will be a trend of rising and falling.
Ethereum has undoubtedly led the rise of many assets in the past week, largely due to the market's optimism about the approval of the Ethereum ETF by US regulators. Data shows that Ethereum has risen from a low of $3,078 since May 20, reaching a 10-week high of $3,980 on Monday, with a seven-day increase of an astonishing 28.1%. As of press time, the price of Ethereum has fallen slightly and is "accumulating strength" above $3,850.
Whether the price of Ethereum can break through $4,000 is seen as a key watershed. Cryptocurrency analyst Jelle said that Ethereum has completed long-term accumulation, and once the spot Ethereum ETF is approved, its price will be ready to enter the stratosphere, that is, to develop steadily in a high range. He also pointed out that although it took longer than expected, market participants finally saw the Ethereum bull market again.
BNB, as the platform currency of Binance, the world's largest exchange, shined in the last bull market. The decline in the entire bear market was relatively small, indicating that the value is relatively high. Good exchange platform currencies are relatively stable. This wave rose from 200 US dollars to more than 600 US dollars, which was a healthy and steady rise until it began to fluctuate at the peak of the last bull market. Generally, the historical highs of the market have pressure, and it takes a period of fluctuation to digest these pressures. BNB has been fluctuating at this position for nearly two and a half months, which is enough time.
From the disk:
1. The entire oscillation zone forms a symmetrical triangle.
2. Within the symmetrical triangle, both bulls and bears are shrinking, the forces of bulls and bears are relatively balanced, but the bottom is rising.
3. There are many K-lines with long lower shadows in the oscillation zone, indicating that there is support below.
4. The overall trend of BNB is a bull market, which will bring a background increase to BNB.
5. The current price is near the historical high. It has tested the upper pressure level several times but failed to go up. According to the normal trend, a few failures to go up will trigger a pullback. However, in this big pullback in April, BNB rose back immediately after it fell, which shows that the bulls are relatively strong.
Based on the above points: BNB has strong support below, shorts are unable to pull back, longs are stronger than shorts, and it has been fluctuating for more than 2 months, and will soon break through the historical high price. Although BNB is relatively strong, it is obviously missed the best time to enter the market for long-term trading at this position. Long-term trading should be arranged when the bottom fluctuates. Once it rises, it is not suitable for long-term trading. If you can't do long-term trading, medium-term trading is also good. For platform coins of large exchanges, medium- and long-term trading will have very good results, provided that the timing of entry is right.
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