The reversal point of 68,000 points in the early stage of Bitcoin broke through in an instant, without any pressure. Ethereum's daily line rose by 20%, the only two big positive lines in two years. This huge consumption of shorts provided enough motivation for the market bulls. Bitcoin's direct breakout has sounded the horn of a new round of new highs in advance.
The core reason why Ethereum can have such a strong performance is the rapid increase in expectations for the Ethereum spot ETF to pass on the 23rd. Before today, the expectation for the Ethereum spot ETF to pass was generally only 25%. After the SEC urged the exchange to provide relevant new materials in the morning, the expectation increased to 75%. If there are no accidents, there is basically no suspense about this passing.
Speaking of this, I have to admire Sun Ge’s big move when he bought the bottom near 3100 points in the early stage. Sun Ge not only has a good way to harvest leeks, but also has a good control over the macroeconomic situation. In short, there is a high probability that this wave of ETFs will be approved. The focus of the market will be on the listing of ETFs after approval. If it is listed immediately, Grayscale still has more than two million ethers in hand under the expectation of selling. It is estimated that a 10% gap will be smashed back in the short term.
The best outcome is that after it is passed now, the launch of the Ethereum spot ETF will be postponed until after August. Combined with the expectation of interest rate cuts in the future, it will greatly alleviate the current market bubble, so that the market can complete this bull market more steadily.
Let me digress. Yesterday, many people read my article and only read the title and went to short Ethereum. It's rare to be a title party. For these friends, I first want to say that the essence of my content is usually inside the article. Just reading the title makes you want to fly. Is it so easy to make money in the cryptocurrency circle? Secondly, as for adding leverage to go short, contracts are the only thing that Sanshu has always said, the power gambler goes ashore just like the power bitch turns good, the sooner it explodes, the sooner it will be comfortable.
Regarding the trend, the judgment that the macro bull market has not gone in the short and medium term has always been there, and those who have been paying attention have also seen it. There are two factors in the trading market that cannot be predicted by humans, one is war, and the other is sudden policies. The previous geopolitical conflicts and this morning's policy changes are all in this category. Fortunately, everything is moving in the expected direction, and the speed is accelerating.
Yesterday, BA issued a research report, which discussed the industry dilemma caused by the current high-market-value VC coins and the huge amount of unlocking that cannot achieve price increases. Sanshu took a rough look at it. As the largest company, such behavior is first of all worthy of recognition. According to what Sanshu has learned, after the high valuation and continuous large-scale unlocking, in addition to retail investors who are no longer profitable, project parties, investors, and most first-level private equity players are all shouting that they are not profitable.
In fact, this is true. It is understandable that retail investors do not make money, but there is no money to be made if there is no manipulation. Investors need high returns, and they dare not sell the coins if the price does not go up. The chips obtained by the first-level private equity players are indeed cheap, but who can tell how much they are worth when they are released after being locked for more than 12 months? The project parties caught in the middle may make some hard-earned money! That's all. If there is no manipulation, the whole plate is full of losses. If there is a manipulation, there is the problem of where the money comes from.
Finally, BN officials said that they will investigate more projects with low market value and high application in the future. What did they do earlier? You should know that when Ethereum IEO was launched, it was only 26 million US dollars, and there were a large number of former kings. How could it start with 1 billion US dollars like now? Market value does not completely limit the price of the currency in the future, but without liquidity supplement, perfect landing application and sufficient market acceptance, it is easy to become a puppet of the project. Looking at the new projects launched this year, the new highs are not good enough!
Yesterday, the net inflow of the US Bitcoin spot ETF reached 3,518 bitcoins, about 235 million US dollars, and the inflow is still considerable. The market liquidity is gradually improving, and the over-the-counter demand is also slowly increasing. This wave of new highs is likely to be no more scams, so wait and see.
Regarding copycats, I would like to share a point of view: Bitcoin does not promote copycats, but Ethereum does. As the king of copycats, Ethereum has the largest project ecosystem in the crypto market, but the situation this year may be a little different, with too many new projects and too bloated projects. In a market that is unlikely to be similar to the general rise of the previous bull market, I still tend to believe that some high-quality projects will rise, and they will directly reach new highs.
Therefore, for our holding logic, we originally planned to change the recent rebound shipments to rebound replacement. There are always some things that only follow the decline but not the rise, and we should replace them after this wave of momentum rises. The latest wave of Ethereum replenishment is finally in place, and it didn’t take too long. If the ETF is really passed, the lost height of Ethereum will be made up within the year!
BTC: Bitcoin broke through 68,000 points. The pressure became the defense line. Of course, in the short term, Bitcoin's new high has become a relatively certain trend. The top amplitude is relatively large, which supports the defense point of spot. Continue to hold patiently.
ETH: The previous cost of Ethereum has always been 1700 points. The latest round of replenishment of 3200 points directly made up for the downward trend and pulled it back. It is said that Ethereum is very bad this year. Few people have calculated that from the bottom, Ethereum and Bitcoin are both about 4.5 times higher. Few people think that Bitcoin has more than 10 billion US dollars of ETF funds injected, while Ethereum does not. For the future market, Sanshu believes that we should first look at the short-term news fermentation, and secondly focus on the approval of the day after tomorrow, and prepare for both situations.
SOL: It is moving towards the predetermined previous high. The trend is very strong. There is limited room for short-term market correction, and this wave will continue to reach new highs.
JTO: As the largest liquidity protocol on the SOL chain, the current bullish logic of the fundamentals is also certain, and it is one of the sectors that deserves strong attention in the short and medium term.
Other altcoins: sell at high prices. If the Ethereum ETF is approved on the 23rd, focus on the L2 sector. It will not be too late to enter after the positive news is confirmed to be passed.
Finally, stay away from leverage and stock up on spot goods! #以太坊ETF批准预期 #BTC突破7万大关 #Gala遭黑客攻击 #新币挖矿 #山寨币热点 $BTC
