The gap between BlackRock and Grayscale in Bitcoin holdings is gradually narrowing, and has now narrowed to less than 2,000 BTC. According to official data, as of May 24, Grayscale's Bitcoin ETF GBTC held 289,040.5264 BTC, worth approximately $20,002,254,770.20. BlackRock's holdings were 287,167.7407 BTC, worth approximately $19,794,802,610.26. The difference between the two is only 1,872.7857 BTC, and the market value gap is approximately $200 million.
The global Bitcoin ETF management scale has exceeded 1 million BTC. According to data from Bold.report, this milestone was first achieved on March 12. Bitcoin ETFs are widely distributed around the world, including the United States, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil and Australia. In the United States, Grayscale GBTC holds about 292,000 BTC, BlackRock IBIT holds about 280,000 BTC, and Fidelity FBTC holds 162,000 BTC. The three giants hold a total of about 734,000 BTC. According to Farside data, the total net inflow of funds into US Bitcoin ETFs has now reached US$13.7 billion.
Cryptoquant analyst CryptoDan said that the cryptocurrency market is still in the bull market stage, and the price of Bitcoin has not yet reached its peak, and it is expected to rise further in the future. In the past bull market, the MVRV (market value to realized value ratio) peaked at 4.83 and 3.97, respectively, while it has only reached 2.78 at present, and has not yet entered the overvalued area. It is expected that after entering the overheating stage in March 2024, the price of Bitcoin has experienced more than two months of sideways and adjustment, and it is likely to rise further in early June.
At present, Bitcoin has become the key focus again this week. Whether it closes positive or negative this week will have a profound impact on the future trend. Whether it will be a rising flag or a bottom triangle is still an open question. We will wait and see, but judging from the trend of the moving average, it is possible to continue to stretch; and according to the trend of the Bollinger Bands, there is not much chance to open this week, because it will gradually develop into a wide range of fluctuations. If there is no breakthrough trend again this week and next week, a wide range of fluctuations will be completely formed. Therefore, we remain cautious and believe that the possibility of a new high or a second high exists, but higher points are not currently visible; there may be a wave of highs and falls in the future.
Over the past week, Ethereum's gains have undoubtedly led many other assets, largely due to market optimism about the approval of an Ethereum ETF by U.S. regulators. Data shows that since May 20, Ethereum has risen from a low of $3,078 to a 10-week high of $3,980 on Monday, an astonishing increase of 28.1% in seven days. As of now, the price of Ethereum has fallen slightly, but it still remains "ready to go" 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 a long-term accumulation, and once the spot Ethereum ETF is approved, its price will be ready to enter the stratosphere, that is, to continue to develop steadily in a high range. He also pointed out that although it took longer than expected, market participants finally saw the bull market of Ethereum again.
As the platform currency of Binance, the world's largest exchange, BNB performed well in the last bull market. Even during the entire bear market, its decline was relatively small, which shows that its value is high. Good exchange platform coins are usually stable. BNB rose from $200 to more than $600, which was a healthy and steady rise until it began to fluctuate at the peak of the last bull market. Generally speaking, historical highs will bring certain pressures, and it takes a period of fluctuations to digest these pressures. At this position, BNB has been fluctuating for nearly two and a half months, which is enough time.
From the perspective of the disk:
The entire oscillation area forms a symmetrical triangle.
The long and short forces are relatively balanced within the symmetrical triangle, but the bottom is gradually rising.
There are many K-lines with long lower shadows in the oscillation zone, indicating that there is support below.
BNB is in a bull market overall, which will provide background growth for BNB.
The current price is close to the previous historical high, and several attempts to break through the upper pressure level have failed. According to the normal trend, several failures to break through usually trigger a pullback, but after the big pullback in April, BNB rebounded immediately, which shows that the bulls are relatively strong.
Based on the above points: BNB has strong support below, the short-term pullback is insufficient, and the long-term advantage is obvious. Moreover, it has been fluctuating for more than two months, and it is likely to break through the historical high price soon. 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. However, mid-term trading is also a good choice. For platform coins of large exchanges, mid-term trading may have good returns, provided that the entry time is grasped.
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