Let the data speak:
Compared with the overall data on Tuesday, the overall rhythm of the crypto market is still the same, with incremental decline.
However, as the market value collectively fell, because the altcoins had fallen sharply before, after falling below 60,000, the altcoins have adapted to the downward trend and the decline is smaller. In terms of a single day, Bitcoin fell sharply, and its market share directly lost 0.8%, which was divided by Ethereum, altcoins and stablecoins. Among them, altcoins took up the largest market share. Obviously, after falling below 60,000 this time, many altcoins slowly adapted to not following the decline.
In terms of trading volume, the overall volume is still falling, and the bearish sentiment in the market is gradually being released. At the same time, there is also a lot of bargain hunting in the release of bearish sentiment. Bitcoin activated buying volume at the support position, and also led to the activation of buying volume of Ethereum and altcoins. However, whether buying volume can save the downward trend depends on the amount and sustainability of bullish sentiment. The current market sentiment is not available.
In terms of funds, the retained funds on the exchange decreased by 700 million, and the net outflow of funds was 170 million. In other words, in addition to the outflow of other stablecoins, at least 500 million of the funds on the exchange today were directly involved in the transaction. With the decline, the bottom-fishing funds were active, and the trading volume of mainstream stablecoins increased significantly.
Today's net outflow of funds includes the Asian market. After more than a week of unstable funds, Asian funds also showed signs of net outflow this week, and US funds also continued to have net outflows for the second week. Through observation, we found from last week that except for the return of US funds during the weekend, they were basically in a state of single-day net outflow. With the net outflow of US funds, the pessimistic fermentation of market sentiment led to the outflow of Asian funds.
Once Asian and American funds are net outflowed at the same time, the net inflow of funds in the market for half a year is basically over, and the net outflow of funds is directly opened. Once the net outflow continues to develop, it basically means that the current sentiment and willingness of Asian and American traders to trade are greatly reduced, which is not conducive to price stabilization or rebound.
LIVE
At 2 a.m. Beijing time on May 2, the United States announced its interest rate decision. The highlight was Powell's speech. At present, the global risk market expects Powell's hawkish speech to consolidate and identify the expectation of interest rate cuts at the end of this year. At present, the U.S. stock market has made preparations in advance. Once it is confirmed that it is a hawkish speech, it will once again hit the trading confidence of the risk market, but the negative effect of Du Aqi will be greatly weakened due to advance expectations.
Corporate financial reports can no longer save the stock market for the time being, but it can be seen that after the financial reports are released, technology stocks can still temporarily go out of the independent rising market, but the increase is weak. If the overall environment deteriorates again, individual stocks can only follow the decline.
At present, the seven technology giants, Google, Apple, Amazon, Microsoft, and Meta continue to maintain a small increase, but they still cannot drive the rise of U.S. stocks. However, once Powell's speech ends in the early morning, the result is not hawkish but somewhat easing, then the U.S. stock market is expected to rebound strongly at the closing stage.
The recent geopolitical situation is relatively stable, and the international gold, crude oil, and sugar prices are basically stable. Gold has a trend of continuing to strengthen during the day.
The US dollar index strengthened under the influence of expectations before the Fed's speech, stabilizing around 106, and the 10-year US Treasury bond weakened slightly.
The CME Bitcoin futures index is currently quoted at around 58,085, continuing to maintain a 500-point positive premium with the spot. As Bitcoin fell below 60,000, bullish sentiment in the futures market gradually accumulated.
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