The market has plummeted in the past two days, and mainstream currencies have fallen sharply, mainly due to the negative impact of the Mt. Gox compensation and the US government's sale of Bitcoin. But looking at the on-chain data, we can find a key point, that is, Bitcoin whales purchased more than 84,000 BTC in July, the largest monthly purchase since October 2014! While retail investors are selling in panic, whales are constantly accumulating bloody chips!
In addition, since its approval, Bitcoin ETF has been continuously increasing its holdings of BTC, and has absorbed nearly 300,000 BTC! Even though the market has fallen sharply in the past two days, Bitcoin ETF is still in a net inflow state. Institutions are very optimistic, and Bitcoin ETF and institutions have controlled 9% of the total supply! As the leader of the currency circle, Bitcoin's data is related to the entire market, so spot is a good time to build a position. In the long run, the blessing will be relatively good. The vision of institutions is always sharp. I recommend several spot positions held by institutions:
ETC is the third most valuable cryptocurrency held by Grayscale Fund. It is a token of Ethereum hard fork and retains the code rules and features of the original Ethereum. It can be said to be a forked coin that adheres to the Ethereum consensus proof mechanism. It has many consensus supporters and is also nicknamed the Doomsday Chariot. It has fallen back nearly 50% from the high point of this bull market and is in a bottom consolidation state. You can consider building a partial position in the spot market.
Grayscale currently holds 338,100 BCH coins, ranking fourth in terms of holding value. It is also a hard fork coin, currently ranked 14th in market value, with a circulating market value of US$8 billion. It should be noted that although BCH is one of the cryptocurrencies compensated in the Mt. Gox case, its increase has been as high as 40%+ since the plunge in early July, and it has high market recognition. The current price is US$405, and it can be bought on a pullback.
One of the cryptocurrencies preferred by institutions, "Bitcoin Gold Litecoin Silver" is believed to have been heard by many people. The reason for this is that Litecoin is developed based on the original source code of Bitcoin, and has many similarities, and also has a halving cycle. On the other hand, it has high market consensus and recognition. It is mainly aimed at small transactions, with more and more efficient application scenarios. The current price is $68, which is a strong support line for Litecoin, below EMA388. You can consider buying some spot.
LINK:
Chainlink is the leading oracle coin and one of the most widely used infrastructures for cryptocurrency. It is held for a long time by many institutions. It is currently about 45% lower than the peak of this bull market. The current price is 12.64, which is at a strong support point since November 23. Although it is still in a downward trend, once it bottoms out, it will set off a new round of increases. You can buy some light positions in the spot market. If it breaks, the next major support point will be around 8.8.
The above coins are all mainstream cryptocurrencies favored by large institutions such as Grayscale. From the perspective of market value, they are all relatively large in circulation, and there are relatively more whales. Compared with small-cap tokens, they are less volatile and suitable for long-term holding. The expected interest rate cut in the United States in September is just around the corner. The crypto market has been jumping up and down recently. The best way to invest is spot, be a diamond hand, and wait for the big money to come!
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