The crypto market performed relatively flat over the weekend, with Bitcoin fluctuating around $67,000 and Ethereum fluctuating around $3,500.
Among altcoins, ZRO performed the strongest, rising by more than 30%.
The news worth noting is:
1. A senior Bloomberg reporter suggested that the new British Chancellor of the Exchequer sell the country's 61,245 bitcoins to help rebuild the UK.
Germany has just ended its sell-off, and now comes the UK. It will depend on whether the British Chancellor of the Exchequer will adopt his advice.
2. The net inflow of Bitcoin spot ETF from the beginning of the year to date has reached US$17 billion for the first time.
This is a number worth watching because it is the net amount of GBTC unlocked and is independent of the appreciation of the Bitcoin price.
This means that these inflows are primarily due to actual demand and adoption of Bitcoin, rather than market hype.
3. According to Glassnode data, centralized exchanges are still the largest and most persistent source of Bitcoin selling pressure.
Although the selling pressure from miners and governments has a certain impact on the market, centralized exchanges are still the dominant force in Bitcoin selling pressure. The flow of funds on centralized exchanges has a greater impact on the market and a wider range of fluctuations.
4. According to Coingalss data, based on the current mainstream CEX contract positions, if Bitcoin rebounds and breaks through $70,000, it is estimated that $1.522 billion in short orders will be liquidated.
If Bitcoin falls to around $64,000, it is expected that $1.382 billion in long orders will be liquidated.
This means that when a large number of short or long orders are liquidated, the price of Bitcoin may fluctuate greatly. In this market where both long and short orders are liquidated, you must not touch contract trading.
5. Coingecko released a report stating that Ethereum will enter inflation mode in the second quarter of 2024, and the circulating supply of ETH will increase by 120,818 coins.
This change is due to reduced activity on the Ethereum network, resulting in a significantly lower burn rate.
6. Ripple CEO Brad Garlinghouse expects the company to soon resolve its years-long lawsuit with the SEC.
XRP’s price has risen in recent weeks on speculation that a settlement will be announced following a closed-door meeting of the SEC next week.
This is a positive signal for the crypto market, meaning that other projects sued by the SEC may also have the possibility of reaching a settlement.
7. Pixelverse posted on the X platform, announcing the Pixelverse Avatars airdrop on TON.
Pixelverse is one of the most popular games recently, second only to Notcoin.
The success of Pixelverse is not only a victory for the project itself, but also a microcosm of the booming development of the entire TON ecosystem. This project is worth learning from.
In general, the market performance over the past two days of the weekend was relatively flat. It is recommended that 80% of the long-term positions be held for the rise, mainly holding Bitcoin spot.
In investment, it is more important for us to choose the right trend than personal efforts. In the face of the big trend, personal efforts seem insignificant.
If you are on the right trend, you can succeed even if you try hard; but if you are on the wrong trend, even if you work hard, you will most likely fail, and may even be worse than those who choose to lie down.
The current Bitcoin cycle is different from the past. Bitcoin has become a consensus among people both inside and outside the circle, and it is only a matter of time before it breaks through $100,000.
The value of Bitcoin is becoming more and more obvious, and the correlation with other altcoins is decreasing. Just like the US stock market, giant companies continue to rise, while junk stocks will fall all the way to zero.
We should spend more energy on researching projects that truly solve problems and create value, rather than just short-term hype projects. Because in the long run, all projects will be examined from the perspective of value investment.
