After reaching a high of $64,822 at around 9 a.m. yesterday (25), Bitcoin has been fluctuating downward over the past 24 hours, reaching a low of $62,671 at around 09:30.

At the time of writing, there was a rebound and it is fluctuating back to around $63,000, but if this position cannot be maintained, it is possible that it will test $62,000 again.

The entire network has been liquidated for nearly 24 hours, with a total of 93.75 million US dollars

According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidations across the entire network was US$93.75 million, of which more than US$70 million were long position liquidations, and a total of about 45,000 people were liquidated.

Mt. Gox Exchange Still Holds $2.85 Billion in Bitcoin

Although market sentiment has rebounded recently, we should not forget that after Mt. Gox, once the world's largest Bitcoin exchange, started repaying its creditors in early July this year, the selling pressure caused by the different repayment times of various platforms is expected to continue until October.

According to official statements, of the 141,000 bitcoins to be distributed by Mt. Gox, 95,000 were distributed to creditors who chose early distribution and accepted a 10% reduction starting in July. According to Arkham data, Mt. Gox seems to have distributed all of these tokens in the past three months, but it is unclear how many have not yet been delivered to creditors, which may cause sporadic selling pressure.

Currently, the Mt. Gox wallet address still has 44,900 BTC (worth $2.85 billion). The next repayment time will be tracked for you.

Bitcoin spot ETF has seen net inflows for 4 consecutive days

Another important indicator that affects the market: Bitcoin spot ETF. According to Sosovalue data, since September 19, the US Bitcoin spot ETF has seen net inflows for four consecutive trading days. As of September 24, the size of the US Bitcoin spot ETF has reached US$58.67 billion, accounting for 4.62% of the Bitcoin market value.

Bloomberg ETF Analyst: US Bitcoin Spot ETF Holds 916,047 BTC

As the Bitcoin spot ETF regained net inflows of funds, Bloomberg ETF senior analyst Eric Balchunas also released statistics on social platform It has received a cumulative net inflow of US$17.8 billion, and currently holds a total of 916,047 BTC, and will soon complete the feat of surpassing Satoshi Nakamoto’s holdings:

The market: A-shares have taken off, so why shouldn’t the market make progress?

Everyone is Fomo? Looking back at the people who had previously called orders, predicted the market, and were optimistic about the copycat track, even the group that had not spoken for a long time began to discuss what copycat to buy.

This momentary contrast made me feel dazed, and I felt that I might have been in a dream most of the time this year? In fact, it is not difficult to understand if you think about it. The interest rate cut cycle has begun, and the bullish sentiment has been suppressed for too long. It is good to release the emotions, but such an obvious collective Fomo is indeed a bit scary! Bitcoin failed to break through in the short term, and the trend did not reverse!

Let's take a look at the current market:

Today, the upward trend failed to continue, and the impact of 6w5 failed again, and it went down slightly, but it is still quite safe to stay above 6w3.

The price of Bitcoin once again tested the $65,000 mark, and has been touching this position for three consecutive days, which shows that the main force is testing and has begun to move. Now all analysts are watching whether Bitcoin can break through the $65 level.

However, the situation is a bit complicated now:

After breaking through $64,800, Bitcoin did not seem to stabilize and has recently started to fall back. Several attempts to break through the strong resistance level of $65,000 have failed. This makes people feel that the trend may have turned to the short side. The macro events this week still had a mild impact on the market, which is why I expect the currency market to maintain an upward trend after the interest rate cut. I still look forward to Bitcoin breaking through $65,000 this week.

Why do we say “the central bank started to think hotly after making its big move”?

On September 24, the three major departments jointly issued a major financial policy, which attracted widespread attention from the world (this time it was real policy support! It is necessary to distinguish between "criticism weapons" (i.e. verbal policy guidance) and "criticism of weapons" (i.e. actual measures of real money)). I believe everyone knows the specific content, so I will not discuss it in detail here. It involves sensitive topics, and friends who are interested can discuss it privately.

The point is: this policy has a critical impact on the A-share market, the Chinese bond market, and the future of Bitcoin. The policy shows that funds must flow back into the stock market, indicating that the central bank is actively guiding the capital market. When long-term Chinese bond yields bottom out and rise in the short term, it is usually accompanied by a wave of bull market in Bitcoin. This month, there has been a major turning point in the monetary policies of China and the United States, which coincides with the end of the half-year reduction of Bitcoin this year and the prelude to the bull market next year. The market has gradually moved from disagreement to consensus, and the direction of the bull market is gradually emerging. This makes people sigh that the changes in the times seem to have their own destiny.

In addition, some people may think that Ethereum is no longer viable because of its poor performance in the past year?

But I tell you, his performance during the bull market will definitely drop your jaw. Just look at the picture.

The picture shows the exchange rate of Ethereum to Bitcoin. Have you seen it in 2017 and 2021? As long as the bull market comes, Ethereum can double compared to Bitcoin in just two weeks, and it will rise very rapidly, doubling in just one or two weeks.

So don’t worry later, because you see that the market is only recovering slightly now and its increase is already twice that of Bitcoin. When the bull market starts, you will see it soaring to the sky!


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