Over the weekend, the market was not highly volatile, and liquidity was relatively poor. Bitcoin oscillated around $68,000, while Ethereum fluctuated around $2,500.
The current market trend is very similar to Bitcoin's trend before the spot ETF.
Bitcoin struggles to maintain an independent trend, mainly driven by external factors.
Currently, the factors most affecting Bitcoin's price are the U.S. elections and the earnings season for U.S. stocks.
However, as long as no black swan events or substantive negative news occur, the possibility of a significant drop in Bitcoin is very low.
Among altcoins, the MEME sector still performs strongly, with market funds and attention focused on the Solana ecosystem.
BAN and Ai16Z performed exceptionally well over the weekend, attracting a lot of market attention.
BAN is an auction concept MEME project driven by Sotheby's vice president, which surged over the weekend but has seen a significant correction today.
According to monitoring by Lookonchain, Sotheby's vice president Michael Bouhanna bought many Meme coins but has hardly made any profit.
Later, he launched a Meme coin called BAN with his own wallet, and made over $1 million in profit from BAN using just one internal wallet.
It seems that self-issued projects are the easiest to make money from...
It can be seen that SOL is currently strongly supporting the MEME sector, which has become the strategic core of the Solana ecosystem.
Data shows that in the ranking of fees and revenues of SOL ecosystem protocols, 5 out of the top 10 come from SOL and are related to MEME coins.
We are data-driven, and the flow of funds and market trends are the core of investment. The Meme coins in the SOL ecosystem perform excellently in terms of data, worth watching.
The noteworthy news and data are:
1. The final CNN poll shows that Trump and Harris have equal support rates, both at 47%.
Trump has recently gained support from many imams, mayors, and Muslim community leaders in Michigan.
On the prediction market platform Polymarket, he leads Harris by nearly 30 percentage points.
With less than nine days until the election, Trump appears to have strong momentum, and the market generally expects he will likely be elected.
JPMorgan and other large financial institutions are already formulating financial strategies in response to Trump's potential rise to power, including their stance on Bitcoin.
Many banks are already preparing to accept Bitcoin and have established relevant departments.
2. This week, Bitcoin spot ETF saw a net inflow of $998 million, an increase of 47% compared to last week.
Last week, Bitcoin spot ETFs purchased 15,194 Bitcoins, while miners only mined 3,150.
This indicates that market demand for Bitcoin has far exceeded supply, which will be beneficial for Bitcoin's price increase in the future.
Robert Kiyosaki, author of 'Rich Dad Poor Dad', also believes that now is a good time to buy Bitcoin, predicting that its price will rise significantly.
Currently, with Trump in power, the Federal Reserve's interest rate cuts, and continued ETF buying, Bitcoin is very likely to reach a high point of $90,000 to $100,000 by the end of the year.
What we need to do now is to remain patient and buy on dips.
3. Is USDT being investigated by the U.S.?
(The Wall Street Journal) reported that the U.S. federal government is investigating whether Tether has violated sanctions and anti-money laundering regulations and is considering imposing sanctions on it.
In response, Tether's CEO Paolo Ardoino quickly stated that these investigations are 'fake news'.
He explained that Tether's employees often collaborate with law enforcement to combat drug trafficking and money laundering activities, so it’s impossible for them to be unaware of ongoing investigations.
Ardoino also revealed that Tether currently holds 82,454 Bitcoins, valued at approximately $5.55 billion.
According to its latest reserve asset proof, Tether's cash and cash equivalents account for 84.2%, with 81% in U.S. Treasury bonds, and nearly 18% in overnight reverse repos and money market funds.
It holds more than $80 billion in U.S. Treasury bonds and over $11 billion in reverse repos, entering the global top twenty, surpassing Italy, and nearing Germany.
So, even if the U.S. wants to investigate, it doesn't dare to do so openly, because once a run occurs, U.S. Treasury bonds will be the ones hurt.
But for the U.S., Tether is indeed an uncontrollable factor.
On one hand, it holds a large amount of short-term U.S. Treasury bonds, even ranking in the top ten globally.
On the other hand, its issued dollar stablecoin is based on U.S. Treasury bonds, but Tether is not regulated by the SEC, which indeed makes the U.S. government uneasy.
However, this does not mean Tether is at risk of collapse.
The U.S. has imposed regulations on Tether many times, and there have been numerous lawsuits.
The dollar itself is the largest currency globally financing terrorism, and Tether is a stablecoin based on the dollar.
Similar cases have been experienced by Binance and Sun Yuchen, so it's normal for Tether to face this now.
So there’s no need to worry; in the short term, the probability of USDT collapsing is very low. With its current asset reserves, even if issues arise, it can still fully compensate.
Overall, due to the weekend when institutions are working, market liquidity is relatively poor. Bitcoin is still oscillating in the $64,000 to $69,000 range.
Currently, the market's focus is on the outcome of this U.S. election and the earnings season for U.S. stocks. As long as there are no significant negative news events, the chances of a sharp decline in Bitcoin are low.
From various data, market demand for Bitcoin remains very strong.
