2024.7.19 Pre-market Interpretation of Crypto Circle and BTC Ecosystem: Nasdaq’s pullback is under pressure in the front, and Mentougou’s creditors are selling pressure in the back, and continue to be bearish on short-term BTC and the market trend
1⃣Nasdaq: On the 18th, the Nasdaq fell more than 1% during the day and closed down 📉0.7%. This kind of continuous sharp decline is extremely rare in the Nasdaq, and it may only happen 1 or 2 times a year; I have captured the 5-minute trend chart of the Nasdaq and Bitcoin at the same time point 21:30 below. You can see it for yourself. The trend is highly correlated, so if you look at the trend of Bitcoin and don’t watch the Nasdaq, you are basically watching the market blindly, or you can say that you don’t know how to watch the market.
2⃣Creditors in Mentougou: 60% of the nearly 100,000 BTC are worth 4 billion, and will officially start selling in the next 2-10 days. Please watch the creditors perform;
3⃣ETF: On the 18th, 9 ETFs bought 21,194 BTC worth 139.7 million US dollars, of which BlackRock IBIT increased its holdings by 1,708 BTC worth 108 million US dollars, and currently holds 323,833 BTC:
4⃣️BTC: Although ETFs continue to flow in, don’t underestimate the bloodline suppression power of the Nasdaq; Bitcoin is highly positively or negatively correlated with the Nasdaq after opening for about 70% of the time, only It is only decoupled for a few times; the Nasdaq callback is under pressure in the front, and the Mt. Gox creditors are selling pressure in the back. In the short term, BTC and the market trend are bearish for 3-10 days. It is recommended to reduce the position (no need to look at the long term);
5⃣️shib: WazirX, the top Indian exchange, was hacked and stolen shib and other altcoins worth $100 million. All shib has been sold in exchange for 43,112 ETH. Together with the stolen 15,298 ETH, the hacker holds a total of 58,410 ETH: x.com/lookonchain/st…
6⃣️Magic Eden @MEonBTC: Rune trading market, added a dynamic record function for rune trading to display real-time information of sales orders, canceled sales and broadcast purchases: x.com/meonbtc/status…
7⃣️IQ @IQWIKI: Binance launched the blockchain encyclopedia iq.wiki to enter the Bitcoin ecosystem. On the evening of the 18th, it held an AMA with two partners of the Bitcoin Metaverse project Rootverse and BtcName to discuss the construction of the Bitcoin ecosystem: x.com/i/spaces/1vaxr…
