Bitcoin Related Situations
- Market Dominance: Currently, Bitcoin's market dominance is around 60%. It is only when it falls below 58% that the altcoin season can be declared. There may still be room for growth before it breaks $100,000, and with political and institutional support, reaching $100,000 is not out of reach. The trend of its market share declining generally lasts for 3 - 6 months before the altcoin season.
- Options Situation: On September 20, 2024, the SEC approved the listing and trading of options for the iShares Bitcoin Trust. On November 15, the relevant department of the CFTC released a consultation, and the OCC is preparing for its clearing, etc. Today, the IBIT options are listed, which will bring additional liquidity benefits to the market.
- Retail Investment: The CEO of CryptoQuant stated that the trading volume of retail-level Bitcoin (below $100,000) reached a three-year high, indicating that retail investors are entering the market.
- Market Trend: The trend is healthy. Although there was a pullback after a surge yesterday, the overall supply is low, making a new high highly probable. However, it is uncertain whether it can directly reach $100,000; there may be a pullback and adjustment before it goes up again. The smaller trend is also good, and it is advised to continue holding and patiently wait.
Ethereum Related Situations
- Fund Flow: A senior ETF analyst at Bloomberg stated that after the victory of the candidate, Ethereum ETF has emerged from the fund outflow dilemma to welcome net inflows. Additionally, there may be an Ethereum upgrade by the end of this year or early next year, which could trigger market speculation.
- Market Trend: ETH is correlated with Bitcoin, and the exchange rate is not yet clear at the bottom, further exploration is needed.
Stablecoin Situation
On November 19, Tether issued an additional 1 billion USDT on the ETH chain and destroyed 2 billion USDT on the TRX chain.
Altcoin Situation
Basically linked with Bitcoin, the activity level of funds in the market has cooled down somewhat, but the overall trend has not changed. The altcoin season has not yet begun, and the strongest profit-making phase has not arrived; we need to wait for a turning point in Bitcoin's market capitalization ratio.
