Today's market data interpretation: #ETH🔥🔥🔥🔥 unexpectedly strengthened, the altcoin remained silent, #BTC☀ gradually increased, the long-short game began, and funds continued to enter the market!
I hurried back after dinner. Fortunately, there was not much fluctuation during the period. I recorded today's data and compared it with the market data of last Saturday.
ETH unexpectedly strengthened
During the intraday decline of BTC, ETH was relatively strong. The market value of BTC altcoins fell, and the market value of ETH increased, accounting for 0.5%. This is a rare strengthening of ETH in recent times.
The altcoin continued to remain silent
As BTC fell, the altcoin fell less, and the trading volume did not increase but decreased compared with last Saturday. With this small-scale decline, the sentiment of the altcoin is temporarily stable.
BTC ETH trading volume increased
Compared with Saturday, BTC ETH trading volume increased. As the price fell, many buy orders were still generated. At present, the long-short game began to intensify.
Funds continue to settle
The market value of stablecoins on the exchange has increased by 500 million again, and is currently 166.7 billion. Since last week, stablecoins on the exchange have been growing steadily every day, with funds flowing in. They do not participate in transactions, but are directly settled in the market.
USDT: Official website data shows that the stock is 115.638 billion, which is a slight decrease of 21 million compared with last Saturday, and the inflow of funds from Asia and Europe has been suspended. The transaction volume increased by 38.7%
USDC: The market value has basically not changed, and the transaction volume increased by 51.76%
Overall evaluation:
Through today's data, it can be seen that the current market is still relatively shaky for this week's market. The short-term decline has indeed stimulated buying orders, but the funds of stablecoins on the exchange continue to increase and settle in the market. They do not buy when they rise, and they do not buy when they fall. They may be waiting for cyclical declines to buy. A large amount of funds are in a wait-and-see state, waiting for clear signals.
The main narrative this week is Musk's dialogue with Trump and CPI data tomorrow morning. If it still cannot stimulate funds to participate in transactions, then it can be basically judged that the inflow of deposited funds is waiting for the implementation of the interest rate cut.
