From a macro perspective, as the election approaches, we can see that the support rate for "Jianguo" is already far ahead.
This is the biggest benefit for the cryptocurrency world.
BTC’s fourth-quarter narrative has to rely on “Jianguo’s” victory in the election, and now it seems basically stable.
As for the US stock market, the Nasdaq is very close to a new high, the S&P 500 has hit a new high, and risk assets have performed very well. With the start of the Fed's interest rate cut cycle, global liquidity conditions will get better and better, which is also an important basis for the rise of BTC.
Regarding ETFs, on October 17, the US BTC spot ETF had a net inflow of US$470 million, and the Ethereum spot ETF had a net inflow of US$48.41 million.
ETF fund flows have begun to grow significantly, and the inflow of new funds is in good condition.
Total net inflows into Bitcoin ETFs surpassed $20 billion for the first time.
It took the gold ETF 5 years to reach the total fund flows that the BTC ETF achieved in 10 months.
BlackRock increased its holdings yesterday by buying 5,802 BTC, equivalent to approximately US$390.2 million.
In the past two days, BlackRock bought a total of 10,126 BTC worth $681 million.
BlackRock currently holds 380,972 BTC, worth approximately US$25.62 billion.
Bitcoin exchange reserves have fallen to their lowest level in years.
An analyst at CryptoQuant noted that new BTC “whales” are intensifying buying pressure, with accumulation driven not only by spot BTC ETFs but also by other major entities.
According to a report by Blockworks Research, nearly 70% of institutional investors holding Ether are involved in staking, of which 52.6% hold Liquid Staking Tokens (LST).
Nearly half of institutional investors who stake ETH tend to use only one integrated platform, such as Coinbase and Binance.
On the chain, the copycat season index has dropped to a low point, and the recovery of the copycat market is just around the corner.
In terms of market conditions, BTC continues to adjust, and the 5-day line is gradually moving up.
The current position meets the conditions for the end of adjustment, but it depends on whether the demand is strong enough.
The current market supply level is definitely relatively low. If there is strong demand, the upward momentum of BTC will be stronger.
There is still no problem with the large-scale trend, with a high-level oscillation platform and a relay structure.
After the price of the coin broke through the pressure level near 65,000, there was no large supply and a rapid decline, which is suspected to be an effective breakthrough. There is a chance to continue to attack around 70,000 in the future.
This time the upside is also likely to break through and set a new high. Be patient and continue to hold positions. 👗👇
ETH follows suit, and the exchange rate pair continues to find a bottom. 👉👉BNB0098
The altcoin market is also moving in tandem, but it is poised to take off. If BTC starts to rise sharply and hit a new high this time, altcoins will most likely explode.
There is definitely no problem with the current funding situation, and the market value of altcoins is also low compared to the market value of BTC. All we need is an opportunity to start the altcoin season.
Market data: Fear Greed Index 73. 😃
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