Ethereum ETF faces challenges: new highs or waiting for staking function
The Ethereum ETF performed strongly only on the first day, followed by a net outflow of $133 million. The inflows of BlackRock and Bitwise dropped sharply to 17.4 million and 29.6 million the night before, while the outflow of Grayscale ETHE remained stable at a high level. This shows that the selling pressure in the market far exceeds the buying pressure. Although the situation is similar to that of the Bitcoin ETF, the Bitcoin ETF had a net inflow of 655 million on the first day, while the Ethereum ETF had only 100 million, and then performed poorly.
Grayscale ETHE's total selling pressure is 10 billion. Based on the average daily outflow of 400 million in the past two days, it is estimated that it will take 25 trading days (about five weeks) to complete the selling pressure. However, according to GBTC's historical experience, the selling pressure usually stops after falling to 50%, so the large selling pressure of ETHE may end within two and a half weeks. The next three weeks are crucial for ETH. If it can withstand the selling pressure, ETH is expected to hit a new high; otherwise, it can only hope that the spot ETF with pledge function will be launched as soon as possible.
Market analysis: Ethereum ETF triggers panic selling, SOL bucks the trend
The market fell generally, especially Ethereum (ETH), as the market panic broke out due to the poor performance of ETFs. The price of ETH fell from $3,500 to around $3,100, and the ETH/BTC exchange rate also fell below the 0.05 mark. Last night's decline was mainly caused by ETH. Coingecko data showed that the altcoins with the largest declines included $ldo, $hnt, $tia, $core, $arb, $op, $ens and ETH in pledged status. In addition to $hnt, these are the core projects of the ETH ecosystem. The pullback of Ethereum is the main reason for this round of market decline.
In contrast, $SOL performed strongly last night, with little decline on the daily chart. This is similar to the market performance after the Bitcoin ETF was approved, when Ethereum performed stronger. It is expected that when the ETF hype turns to SOL, the SOL/ETH exchange rate will rise rapidly, and SOL's rising potential may also exceed ETH.
Sector observation: The copycat market is weak, with politifi and meme being the only bright spots
In the altcoin market, except for the politifi and meme sectors, other sectors have almost no bright spots. Last night, $kama fell sharply by 27%, and its market value dropped to 27 million US dollars. $trump and $maga have fallen by about 15% in the past 7 days, with market values of 272 million US dollars and 53 million US dollars respectively.
From the perspective of the election, although Trump is more likely to win, there are too many Trump-related memes and the certainty is not strong. On the contrary, $kama has fewer memes. As long as Harris wins, $kama has at least 10 times the room. If Trump wins, $trump may have limited room for growth.
To be on the safe side, $people is the only politifi project currently traded on Binance, with a market value of $380 million. No matter who wins, $people has room for hype.
Xiao Miao will talk about the TON ecosystem separately next. You can take advantage of this deep correction to ambush! There are favorable blessings!
TON futures market heralds a boom in spot trading, NOT is the first to land on Binance spot trading
The early development of the TON futures market has already hinted that the arrival of the spot market is only a matter of time. It is particularly noteworthy that NOT, as a pioneer in the TON ecosystem, was the first to be launched on the Binance spot market. This is not only a glorious moment for NOT as a representative of the ecosystem meme, but also a sign that more memes closely related to TON will appear one after another to jointly build a prosperous ecological landscape.
From the daily trend, TON started a steady sideways consolidation after falling back to the trading concentration area near 7.5 yuan. Its bullish tenacity and perseverance have become a beautiful landscape in the market. As a representative of disposable consumables, the scarcity of TON and its ecology is obvious, and its popularity will continue to heat up this year and become the focus of everyone's attention.
NOT welcomes more than 10,000 users and shares the joy of growth
Recently, NOT has surpassed the milestone of 10,000 users, demonstrating its outstanding service and product innovation. To celebrate this achievement and give back to users, the platform has specially set up incentive activities to stimulate new vitality in the market. Since its establishment, NOT has quickly won the favor of the market with its excellent performance and continuous technological innovation. At present, the platform has a total deposit of 40.62 million US dollars, outstanding debt of 18.2 million US dollars, and active accounts have steadily increased to 1,259. The data is impressive and the development is rapid.
V3 version is launched to expand service boundaries
The launch of NOT V3 is a clear proof of its continuous innovation. It supports 12 assets, adds Aura leverage strategy, and includes popular tokens such as LINK, UNI, and LDO as collateral, broadens the service boundaries, improves user experience, and injects new impetus into the market. As a rising star in the DeFi world, NOT is unique in its fixed-rate crypto loan model. V3 has achieved brilliant achievements, with both reserves and user numbers reaching new highs, demonstrating the market's firm confidence in it.
The market is recovering, and NOT is expected to surge again
As the market picks up, NOT is expected to surge again in the financial feast and lead the way with its profound heritage, technical strength and large user base. With its unique perspective and firm belief, NOT has opened up a new path for development in the face of DeFi challenges. The perfect combination of technical innovation and market demand in the V3 version has further improved the user experience and enhanced competitiveness through multi-asset lending, Aura leverage strategy and expanded collateral range.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
