Mentougou sell-off.
Bitcoin fell to a little over 60,000.
Ethereum fell to a little over 32,000.
The altcoins kept falling.
I have to say that this time the market has exceeded my expectations. I thought that Ethereum's fall to 3,500 should be the bottom line, but I have always been cautious in judging the bottom of Bitcoin. The main reason is that this round of Bitcoin's pull-up is all due to the news of Ethereum ETF, which is passive pull-up.
Ethereum can't pull up this round. In the early stage, it was mainly because some institutions and retail investors did not recognize it after changing to POS, and the development of the chain was indeed not good.
Details determine the result.
For example, Ethereum still has certain problems: after switching to POS, the handling fee has been reduced, which then caused the embarrassment of L2's status, and continued to affect the Ethereum chain.
In short, the last bull market of Ethereum was based on some applications of DeFi and L2. In this round, the handling fee itself has been reduced, L2 has been half-armed, and DeFi has been half-armed due to US supervision.
The biggest value of Ethereum in the past was that it had stable technology, smart contracts, miner support, and high handling fees, which were the basis for supporting its value. Now some of its advantages are gone and it has been replaced by some other chains.
The previous article wrote that "the value of Ethereum is only 10,000, or 0". From a certain perspective, it is about the contradictions and conflicts of Ethereum.
Therefore, dignity is also the foundation for the survival of Ethereum.
So, why do you say that the situation has changed again after the ETF was passed?
Because there is a very realistic situation in this world, logic and reason are weaker than capital, and everything that is recognized by capital has room for speculation.
The surface of the problem is that everyone does know that the Ethereum spot ETF will be passed, which is good news, but the big players are also aware of the embarrassing position of Ethereum, so conflicts arise.
Ethereum 3300, exchange liu峮+薇: WG65825 This position is a relatively average position before the host ETF is passed, and it is also a position that I thought was difficult to fall to before, but it still fell.
This is the uncertainty of the currency circle, and it is also the difficult part of this round of bull market.
The most feared thing about a bull market washout is that there is no negative news. Generally, a washout with the support of negative news is beneficial. The sooner the defense line is broken, the faster the bull market will arrive.
The recent negative news includes:
1. Delay in interest rate cut.I don't think so. There is a high probability of interest rate cuts before September.
2. Miners sell coins.
3. Mentougou paid compensation again today.
The above three points all have certain uncertainties.
The time of interest rate cut may not be postponed. Mentougou will not sell coins, and miners also have a bottom line for selling coins.
These are not changes in fundamentals.
So I firmly believe that in the stage of oscillating downward, there are three positions for bottom-fishing, with the big cake as the benchmark, which is to gradually bottom-fish.
And only buy when there is bad news, not when there is more news.
Because every bull market starts with bad news, usually it is less operation and less buying. #Mt.Gox将启动偿还计划 #BTC
