July 27, 2024 Grandpa checks in
Ethereum spot ETF had a net outflow of 341 million USD in the first week. Why would a new ETF have an outflow? The main reason is that Grayscale’s trust was directly converted into an ETF, and Grayscale sold 1.513 billion USD in the first week. This data is not good enough. Compared with Bitcoin, this also directly caused the exchange rate of Ethereum to fall.
It’s a commonplace topic. I don’t think there is any doubt whether Ethereum can still outperform Bitcoin in the bull market. However, compared with the large-scale explosion of DeFi basic applications in the previous round, there is no new star track in this round. The GameFi, SocialFi and other sectors that capital bet on before have been crushed by memes. However, the infrastructure of the Ethereum ecosystem is still being gradually improved. Once the next track is determined, the imagination is very large.
Back to the recent market, in fact, Ethereum has also shown resilience, and its defense of $3,000 is sufficient. However, the main force of this wave of market is still Bitcoin. After experiencing two small declines, it has returned to $68,000. This extremely strong signal requires our attention, especially whether this position can be broken through in the short term.
The strength of this wave of market is reflected in mainstream assets, including Bitcoin, Sol, BNB, etc. As for the altcoin bull market that the market expects, it has not yet arrived, and it still exists in a differentiated market. Therefore, altcoins should be participated in with caution. It is best to wait until the market falls back deeply before buying. Don't be fomo because of missing out. The best way to solve the fomo sentiment is to hold a certain amount of mainstream assets.
Thank you for your attention and likes.
