The main macroeconomic data for May have been released. What follows are some not very important data. Next is the Federal Reserve’s speech and investors’ interpretation and expectations of the speech. That is, what will happen next is the real market trend and funds. The dot plot will not be updated until September, so it is very likely that July and August will be a time of hard work.
The Bitcoin ETF had a cumulative net outflow of 580 million US dollars last week, mainly from GBTC, with a net outflow of 274 million US dollars. BlackRock still had inflows, and Fidelity FBTC had an outflow of more than 2,000 coins.
Ethereum's second-layer ZKSYNC finally ended the airdrop storm, finalized the token details, and launched BN today. The current airdrop is about 3.67 billion, with a total of 21 billion. The amount of airdrop should be the initial circulation. The current futures platform quotes about 0.3. If it is launched at this price, the circulation market value will be close to 1.2 billion. If compared with OP's on-chain data, ZK's data is only about one-seventh of OP, and OP's market value is 2 billion. In this comparison, 0.08 should be relatively reasonable. I think it is overestimated if it is higher than 0.1. This project has been delayed for nearly two years and finally went public. It has a bit of ICP flavor.
Notcoin (NOT) announced that the airdrop application has ended. Most of the airdrop tokens have been distributed, and unclaimed tokens will be invested in future development, and some will be destroyed. I think the TON ecosystem will explode with projects and applications this year. The authorized issuance of USDT on the chain has increased to about 580 million US dollars. It is currently the sixth largest blockchain in terms of USDT issuance. However, we cannot have too much expectation on the price of its native token TON. We can look for ALPHA in the ecosystem.
Judging from the on-chain data, the long-term seller risk ratio is gradually too high, which is a major feature of the mid-term bull market. Therefore, the current period is just garbage time in the bull market and cannot be easily said to be over.
Bitcoin continues to fluctuate around 66,000, and from the current situation, it is very likely to fall below 66,000 and look for the range of 65,000 or even 64,000. If it goes to this range again, the support may not be so strong. From the URPD on the chain, we can see that 60,000-64,000 is a chip-dense area, and the support here is relatively stronger. Therefore, this time the MA120 line may not be able to serve as a strong support to support the price of the currency. Even if it really reaches the range of 60,000-64,000, it may not rebound immediately. There will be a period of garbage time before 60,000 becomes the springboard for the second wave of rising waves.
Erbing is on the doomsday chariot again today. It may pass the ETF in early July. If it falls below 3,300, there will be on-chain liquidation. You can pay attention to it.
The altcoin market is dead silent. Will there be another 413? It depends on whether the leveraged position is still large. There is no data support here, so we can only speculate. From the information I get in my daily life, it should not be as large as the last 413, and the profit margin this time is not that large either. However, you should still be careful with some tokens like CRV that may be liquidated on the chain.
Bitcoin Fear Greed Index: 71 (Greed)
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