Short-term ETFs are still facing selling pressure from Grayscale! Is the market still worth looking forward to?
There are two reasons for the market decline. One is that Mentougou paid compensation in secret on CEX. Things that cannot be seen on the chain are easy to panic. The second is that Harris surpassed Trump in the polls on July 22 and 23. Although Trump's winning rate in polymarket is still as high as 61%, Harris has the advantages of black + female + Indian + Chinese name + 18 years younger than Trump, and the freshness of never being president. Therefore, Trump cannot be said to be stable before the second shot! Ethereum ETF performed better than expected, with a net inflow of 106 million on the first day. You must know that this is just a castrated version of the ETF without the pledge function, so I still look forward to the market.
Besides the decline of the market, the compensation of Mentougou has begun to accelerate. Yesterday and today, the coins of Mentougou have been constantly transferred, and the transfer volume is still large. Just now, 37,477 bitcoins were transferred to the address starting with 12GW. According to the CEO of Kraken, Kraken is helping Mentougou to distribute BTC and BCH to creditors. Since it is operated in CEX, such small fluctuations are not reflected on the chain, but the distribution is already in progress. A considerable number of retail investors who have received compensation should choose to ship, after all, there is at least 15 times the profit. This is one of the reasons for the decline in the price of coins last night.
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Finally, let’s talk about the altcoin market. The test of the listing of Ethereum ETF this time may not be the strength of Grayscale’s market crash, but how much the altcoins fall. Sure enough, almost all altcoins began to fall after the ETF was listed last night. This is because the previously hyped narrative has landed. In fact, the ETH ETF has little to do with the altcoins, but before last night, the altcoins’ prices had priced in the benefits, so this wave of landing altcoins has begun to pull back
