Why is the cryptocurrency market slow to rise? It turns out that there is a problem here!
Solana ETF has another big news, three major positive factors are coming soon, let’s take a look.
Bitcoin's monthly ups and downs are out. Will August be a month of ups and downs? You really don't know until you see it. Once you see it, you will be shocked!
So which coins are currently at a low point in value, and how is smart money operating? Let’s follow Shuqin to find out.
First of all, Solana’s three major benefits are quietly unfolding.
The first is that Sol’s ETF has made great progress because the SEC has removed its definition of it as a security in its latest filing, which is considered by the industry to be paving the way for his ETF early next year.
In other words, Solana’s ETF will have the same chance of being approved as Ethereum’s. However, unlike Bitcoin and Ethereum ETFs, Sol does not have the selling pressure of Grayscale Trust’s locked positions, so after its ETF goes online, any buying orders will be real money entering the market.
Therefore, this round of Sol bull market is really amazing, and it is very likely to reach 700 or even 1000u, because most of its data have already caught up with Ethereum, but its market value is only 20% of Ethereum, and there is a lot of room for additional growth.
What changed all this was the pressure from the US election. Not only did the SEC unexpectedly approve the Ethereum ETF before, but Trump even made a bold statement that he would fire Gensler after being elected. Do you think the SEC would not be panicked?
So Sol's ETF is not groundless, but the basis of all this is that Trump needs to take office. Although his approval rating remains ahead, we can't be too optimistic, because according to the average results of 91 research institutions, Trump's lead is narrowing and has reached 1.7%, so there are still variables.
Now, back to the present, it is already August, so another upcoming good news for Solana is also worthy of our attention. The Solana conference will be held in Singapore on September 20, and there will definitely be some significant good news announced at that time.
Especially since the current Sol 2.0 version update is in full swing, there may be a wave of positive news released to boost the market at that time.
In addition to Sol itself, several projects in its ecosystem are also extremely amazing and are in a value trough.
For example, the 24-hour fee income of the leading Dex Ray is the highest on the official website, twice that of the leading Ethereum Dex Uni. The income of the leading liquidity pledge JTO has also briefly surpassed the leading Ethereum pledge Lido in the past few days, and they are both on par.
So the current situation is that not only does Sol’s transaction volume exceed that of Ethereum, but the data of some of its ecological projects are also gradually catching up with the Ethereum ecosystem.
But the market value of Ray token is only 1.3 billion, while Uni token of the same type is 7.6 billion. So the room for Ray to increase is actually quite large.
In addition, the release date of Zhao Changpeng has also been announced, which will be September 29. By then, BNB and even the entire cryptocurrency circle may usher in a wave of popularity, so it can be seen that the major positive factors in the cryptocurrency circle, including interest rate cuts, general elections, and FTX repayments, will be concentrated around October, so now it is more of a tug-of-war.
Mentougou started selling again after a week because he had promised to complete the repayment before October, so he may sell every one or two weeks recently. Currently, there are more than 2 billion yuan waiting to be distributed.
This is actually good news for investors who have not yet completed their positions, as they can continue to hoard coins at a low price for a while.
In addition to the selling pressure from Mentougou and Grayscale, the potential $10 billion sell-off by the US government has once again sparked concerns.
He transferred 2 billion US dollars worth of coins a few days ago, but he hasn't sold them yet, so I don't know whether he is changing his wallet or preparing to sell them.
The new British Chancellor of the Exchequer, Reeves, also said in July that he might sell off Britain’s 5 billion bitcoins to ease financial pressure. Coupled with the traditional summer off-season for investment, even if the consensus in our cryptocurrency circle is that the price will rise after halving, we have to temporarily avoid the limelight this month.
However, the giant whales on the chain regard the recent negative news as the best opportunity to get on board, and have been rapidly increasing their Bitcoin holdings.
A total of 300 million US dollars of BTC have been withdrawn from Binance in the past few days, so smart money is now quietly hoarding coins in preparation for the outbreak in October. Please see the picture.
The figure shows the historical monthly return rate of Bitcoin. The increase in August was really terrible, and the median increase was the lowest in the whole year, at negative 7.49%. But let's take a look at October. Both the average increase and the median increase were close to 30%, and the average increase in November reached 46%!
So let's be patient for now, and we will operate when there are short-term opportunities to prepare for the bull market later. Whether it is sudden on-chain data or the operating points of each currency, this piano will update them every day, so those who are interested can come and have a look!
Okay, let’s continue.
Another big event this week is the U.S. unemployment rate and employment data for July, which will be released at 8:30 p.m. on Friday. The previous unemployment rate was 4.1%, and market expectations were also unchanged at 4.1%.
However, the market is very optimistic about the employment data. The previous value was 206,000, and the market expectation was 175,000, indicating that everyone has high hopes for a cooling of the labor market, which will help suppress inflation.
But here Shuqin wants to say that if the employment data is significantly lower than expected, such as 120,000 or something, it will actually scare the market. Because people will worry about the Great Depression and the financial crisis, so this data is extremely sensitive. A slight drop below expectations is good news, but a big drop will cause problems!
So don’t forget to check it out when the data comes out on Friday~
