#内容挖矿＃CHZ

In the past 24 hours, the turnover of BTC on the chain has shown an increasing trend. Although a large number of exit operations were mainly triggered by investors in the past week, it can be detected that the earlier losing investors have increased their selling efforts. It is not ruled out that the sluggish market has caused panic among some losing investors. However, correspondingly, the earlier profitable investors are still silent. The current situation has not entered a state of full panic, and the selling pressure transferred to the exchange has not shown any signs of a significant increase.

Further data still needs to be observed, but it can be found that more investors are not anxious about the price drop. Of course, profitable investors have a higher degree of tolerance, which is inevitable. Judging from the current trend, there will be data that can affect the market until next Friday, namely the US core PCE in May. Before that, the market confidence may still be insufficient.

In particular, there is no obvious sign of a decrease in the inventory of the exchange. Although Wednesday is a holiday and it is normal for the purchasing power to be low, on Thursday, the inventory of the exchange not only did not decrease, but increased. So far, the stock of BTC in the exchange has only decreased by about 1,000 pieces, and the stock value is still more than 13,000 BTC from the lowest in nearly six years last Thursday. I have always emphasized that the current liquidity is too poor. If these more than 10,000 BTC are not digested one day, it may affect the price trend.

Although the data is not optimistic, the support of BTC at this price has not changed, and the support of $64,000 to $69,000 has not been broken. Some friends asked, hasn't it fallen below $64,000 now, why do you still say that support exists? Because the support I am talking about is not the support in terms of price, but the support of the accumulation of chips. As long as these investors do not panic and leave, even if the price falls below, there will be a rebound.

The current situation is very similar to the second and third quarters of last year. The price of BTC has been hovering around $26,000. To be honest, if it were not for the passage of BTC F, the current price of BTC might still be around $30,000. Spot ETFs have increased their net holdings by more than 900,000 BTC in the past five months, absorbing a large amount of circulating chips, and there has been no sign of large-scale exits so far.

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