Most of the past week has maintained a boring range-bound market. The market focus is still around the hype of some emerging meme coins, and mainstream coins have not seen much action. However, starting from Monday 6/3, BNB took the lead in rising sharply. 3%, today it directly broke through 700 US dollars, setting a new high since May 2021. BTC has also climbed slowly in the past two days, reaching a maximum of 71,000 US dollars, and is about to challenge a new high. AltCoin has also recovered slightly, and it can be seen in the next few days. It is said to be a very important time point.
The U.S. Bitcoin Spot ETF data shows that the demand for Bitcoin in the U.S. market continues to grow, with net inflows of funds recorded for 16 consecutive days. Another data shows that yesterday, the U.S. Bitcoin Spot ETF had a total inflow of nearly US$900 million. , setting the second highest record in history. These data are undoubtedly very bullish news for judging whether BTC has broken through or even reached new highs in the near future. In the past, the trend of BTC has been closely related to the net inflow/outflow of ETFs.
In addition, May's U.S. non-farm payrolls data will be released on June 7. The number of non-farm payrolls has always been an important basis for the market to evaluate the Federal Reserve's decision-making. Lower-than-expected data released last month pushed Bitcoin from $59,000 to $63,000, so investors must pay attention to the timing of this data release. Current market expectations are for U.S. nonfarm payroll employment in May to be 185,000, compared with the previous value of 175,000.
Comprehensive judgment, from a technical perspective, the trend has not yet successfully broken through and stabilized the downward trend formed since mid-March. The trend has also reached the range pressure position. In the short term, it is in the long-short game. From the future of the contract, This phenomenon can be seen in the volume of closed positions. The volume of open positions has continued to increase significantly in the past three days, and the overall water level has also reached the average level at the high point in March. It can be said that the entire market is paying attention to the pressure here. In the next few years There will definitely be a lot of fluctuations every day, especially when the U.S. unemployment rate data is released this Friday. There will undoubtedly be some fluctuations in the market. It is not recommended to chase the rise in the short term, as there may be a large-scale washout. However, judging from the entire fundamental ETF data, the mid- to long-term is a good entry point. Although the open interest here has increased to the level at the high point in March, the BTC funding rate does not look like it did in March. It also reaches the overheated water level. From a spot perspective, it is a safe trial point. Once the breakthrough is confirmed, the position can be added.
Binance Copying Analysis
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The yields of "GTRadar - BULL" and "GTRadar - Balance" in the past 7 days are +8.09% for the former and +3.08% for the latter, and +4.51% and +0.79% for the latter in the past 30 days.
Among the investment portfolios, BNB has the highest increase this week and has exceeded the $700 mark as of today. BNB's positions in both investment groups are almost full, so it has brought considerable growth to the entire investment group.
BTC has been gradually rising in the past week, while ETH is still fluctuating within a narrow range. Most other large-capitalization currencies also have a slight upward trend. The team predicts that BTC will have a greater chance of an upward breakthrough, and other currencies may They will also benefit simultaneously, and the copying mode will continue to maintain an "active" ordering mode.
Currently, "GTRadar - BULL" holds a net long position of approximately 170% (full position is 300%), of which BNB holds a larger position.
Currently "GTRadar - Balance" is 80% (full position is 300%), among which BNB holds the largest position.
The long-term returns of a follower who frequently changes his investment portfolio are not as good as those of a follower who continues to follow a single group. Don’t end the follow-up easily just because of a short-term retracement. Judging from the curve, the retracement is a good time to start following. In and out, on the contrary, the yield rate will be significantly reduced.
Potential market opportunities
BNB rises and breaks through the large cycle triangle pattern
From a technical perspective, BNB has indeed broken through the range of the past two months. From a weekly perspective, it can even be said to have broken through the box pattern of three years and hit a new all-time high. It is indeed very good when there is no pressure from above. entry point, and this wave of increase is relatively large. It is not like the small pullback when Launchpool was released in the past, but rather like the trend when a big profit is about to be released. There is no news released yet, but it may It will appear next.
There is also a high probability that there will be news about Launchpool in these two days. By then, BNB should have another wave of small pullbacks. After Binance’s continuous Launchpool in the past few months, it can be found from the trend that BNB is already recognized as a golden shovel by the market. Although From a fundamental point of view, it may be difficult for Binance's revenue to increase significantly, but based on the current currency trends and functions of several platforms, BNB is indeed the most cost-effective.
Bitcoin ecosystem comes back to life
The new Bitcoin proposal OP_CAT has been widely discussed by the community this week. This proposal can improve the programmability features of the BTC main network, program scalability and on-chain verification calculation complexity, which will be of great help to the development of the Bitcoin ecosystem. Perhaps because of this, the momentum of speculation in the Bitcoin ecosystem seems to have picked up, with various sectors such as Jufan L2, re-pledge, and meme coins all seeing good gains.
Among the currencies with significant gains this week are the Bitcoin L2 project Stacks (STX). The project released the latest progress of the Nakamoto upgrade on June 3. The team stated that the primary testnet for the Nakamoto upgrade has been restored. , and is well on its way to completing the new code required for launch, with 63% of new issues completed. The Nakamoto upgrade is crucial to the long-term development of the Stacks network, and because of this, the price of the STX token has risen significantly since the announcement.
Another thing worth noting is the ZK technology expansion project Starknet (STRK). StarkWare, the developer of the project, announced yesterday that it will introduce a zero-knowledge proof (Zk) scaling solution into the Bitcoin ecosystem, enabling Starknet to be settled on both Ethereum and Bitcoin simultaneously. It is worth mentioning that the team emphasized that this project will not create an additional blockchain network, but will use the same Starknet network with the same governance and token economics, which will provide STRK with additional the value of.
It is worth mentioning that the STRK token has been hovering in the price range of around $1.2 for more than a month. There may be a potential rebound opportunity, but in the long run, the STRK token may not be the best investment opportunity because it The current circulation of the token only accounts for 8.48% of the total supply, and the fully diluted valuation (FDV) is as high as 13.7 billion US dollars. If you want to hold it for a long time, you still need to make a careful evaluation.
In addition to infrastructure, ORDI including BRC20, DOG•GO•TO•THE•MOON of Rune Protocol, RSIC•GENESIS•RUNE, SATOSHI•NAKAMOTO, etc. also have good growth rates. You can observe whether the craze of Rune Protocol is It has recovered somewhat and is taking advantage of this round of Bitcoin ecological trends.
Parallel computer solution AO is about to issue coins
This week, the development team of the permanent storage protocol Arweave released the token issuance rules of the parallel computer solution AO today. The official stated in the announcement that AO will adopt a 100% fair issuance. There will be no pre-mining, pre-sale, or any privileges. Each token will be transferred to AO through cross-chain and hold AR tokens. and ecosystem building to cast.
It should be emphasized that individuals in the United States and sanctioned jurisdictions will not be able to participate in the minting of AO tokens, which provides investors from other regions with a great advantage to participate. The AO token is expected to be issued and the detailed token economy will be announced on June 13, and more details will be released at that time.
AO's new network architecture is currently very exciting based on community discussions and feedback. In addition, AR's performance has been quite strong in the past period, so investors should pay more attention to AR and the future. Changes to the new token AO.
hot news
BlackRock files revised Ethereum spot ETF S-1 statement, analysts predict listing as soon as the end of June
Asset manager BlackRock has filed an amended S-1 registration statement for its proposed Ethereum spot ETF. Bloomberg ETF analyst Eric Balchunas said on the Fine-tune opinions. Balchunas also believes a late-June listing is a reasonable possibility, although he still expects a July 4 launch date.
The chaos of currency issuance by D-class celebrities in the United States intensifies! Pump up and sell to harvest fans and retail investors
Several celebrities have launched meme coins in the past week. These include: transgender media personality Caitlyn Jenner, American celebrity Iggy Azalea, adult content creator Kazumi, and rappers such as Rich the Kid, Davido, Trippie Redd, Lil Pump, Moneybagg Yo, etc. However, with the exception of MOTHER issued by Iggy Azalea, most meme coins have failed.
Arweave team releases new token AO issuance rules
The development team of the sustainable storage protocol Arweave announced the launch of a parallel computer solution called AO at a press conference in February this year, pointing out a clear direction for the future development of the project. Information about the new token AO was not available at the time. Not much information is disclosed. But just this week, the official finally released the rules for the issuance of AO tokens.
The Bitcoin meme ecosystem is back! ORDI has risen by more than 20% in the past 24 hours, and rune trading has become more popular
Memecoin hype seems to be spinning into the Bitcoin ecosystem this week, with ORDI, the first token issued based on the BRC20 token standard, seeing staggering gains this week, according to market trading data. At the same time, currencies related to the "Runes Protocol" that was deployed following the Bitcoin halving in May this year have also experienced significant rebounds in recent days.
U.S. President Biden overturns House resolution to repeal controversial SEC rule SAB 121
U.S. President Joe Biden on Friday overturned the congressional resolution to "repeal SAB 121." SAB 121 is a controversial accounting guidance from the U.S. Securities and Exchange Commission (SEC) that requires financial institutions holding customers’ cryptocurrencies to record them as liabilities on their balance sheets. Critics of the guidance say it will make it very difficult for financial institutions such as banks to work with cryptocurrency companies.
Binance founder Changpeng Zhao sentenced to jail
According to CNBC, Binance founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California, to begin his four-month prison sentence.
Bankruptcy documents: FTX sells out Anthropic holdings, bankruptcy and restructuring expenses exceed 500 million mg
Citing the contents of FTX’s latest bankruptcy filing, The Block reported that bankrupt exchange FTX is once again selling its remaining shares in AI startup Anthropic (which developed the chatbot Claude). Additionally, the legal and administrative costs of FTX's bankruptcy have exceeded $500 million, according to the latest filings for bankruptcy reorganization.
Nearly 790,000 exchange Ethereum reserves flowed out after key ETF documents were approved
According to “Cointelegraph”, more than $3 billion worth of ether (ETH) has been transferred from the centralized cryptocurrency since the U.S. Securities and Exchange Commission (SEC) approved key regulatory documents related to the Ethereum spot ETF on May 23. Exchange outflows signal a possible impending supply squeeze.
Binance caters to Europe's "MiCA" regulation and will begin to restrict "unregulated" stablecoins at the end of the month
In its latest statement, the exchange mentioned that the regulations on stablecoins under the EU’s Crypto Market Regulation Act (MiCA) will take effect at the end of June. As stablecoins will begin to be regulated in Europe, only “regulated companies” will be included in the future. ” Only the stablecoins issued can be open to the public. Therefore, some existing stablecoins may not meet this classification and will face certain restrictions.
Bitfinex Analyst: The correction phase may be nearing its end, and long-term holders are starting to accumulate Bitcoin again
Cryptocurrency markets entered a more than two-month period of consolidation after Bitcoin hit an all-time high of around $73,800 in mid-March. Cryptocurrency exchange Bitfinex said Bitcoin's (BTC) decline from March was driven by selling by long-term holders, but data shows the trend has stalled and investors are accumulating Bitcoin.
Thailand SEC approves first Bitcoin ETF, adopting “indirect investment” model to diversify risks
Thailand’s Securities and Exchange Commission has approved One Asset Management (ONEAM) to become the first company in Thailand to launch a Bitcoin spot ETF, according to a report in the Bangkok Post. It is reported that the fund will not invest directly in Bitcoin, but will invest indirectly through 11 of the world's leading Bitcoin spot ETFs to ensure liquidity and safety. However, it should be emphasized that this fund is limited to institutional investors and is not accessible to general retail investors.
FTX IRS reaches settlement! How much do you need to pay for the sky-high tax of 24 billion magnesium?
Under the latest settlement, the IRS will receive a $200 million priority claim that will be paid within 60 days of the company's proposed reorganization plan, as well as an additional $685 million in subordinate claims that will be paid out within 60 days of the company's proposed reorganization plan. Payments are made after customers and other creditors have been paid and funds remain available.
The U.S. Bitcoin ETF had a net inflow of 886 million magnesium yesterday, setting a second record in history
According to preliminary statistics from Farside Investors, the total net inflow of U.S. Bitcoin spot ETFs on Tuesday (4th) was US$886 million. It has shown net inflows for 16 consecutive trading days and also set a record for the second highest in history.
The above content does not constitute any financial investment advice. All data comes from GT Radar official website announcements. Each user may have slight differences due to different entry and exit prices, and past performance does not represent future performance!
This article GT Radar Radar Weekly Report 6/5: BTC stands back at $71,000, ETF hits the largest daily net inflow since 312, is it about to break through? First appeared in Zombit.
