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December 12, 2024
Today, Alipay launched an advertisement for a digital currency fund, once again illustrating the "true fragrance" law. It is speculated that this fund is from Hong Kong, and as long as it is legally permissible, I wonder how many fund companies are thinking about making money from this. The reason Wall Street strongly promotes ETFs is that the market capitalization of Bitcoin is already large enough, and the annual management fees and transaction fees from ETFs can bring in a significant income for fund companies. Watching Binance and Coinbase's transaction fees accumulate daily is quite enviable.
Speaking of Coinbase, the daily trading volume has set a historical record. This is an inevitable development in the cryptocurrency space, but it also serves as a signal of a relatively high point in the bull market. Trading volume is a direct reflection of investor sentiment; for instance, before the 10-day plunge, DOGE's trading volume exceeded that of BTC, which is a sign of market frenzy. From this perspective, we are definitely at a relatively high point in the current bull market. Looking at the long term, most coins will have the opportunity to be bought back in the future.
Of course, in a bull market, there is no definitive peak. The main reason is that market sentiment is very difficult to control. There have been instances where a certain domestic altcoin's main player sold off, yet retail investors continued to push it up tenfold. However, we must be clear that a bull market is suitable for selling and short holding, not for discussing too much faith and value investing, especially with some newly launched altcoins, as the main players create stories just to make you their counterparty for selling.
Regarding market trends, yesterday I mentioned that there was a slight pressure at the 98,000 position, but it strongly broke above 100,000, which again indicates that the main force of Bitcoin is still present. Especially when altcoins experience sharp fluctuations, Bitcoin's lowest price has not yet dropped to 90,000. Therefore, I boosted everyone's confidence yesterday. Currently, Bitcoin is above 100,000, ETH is gradually catching up, while altcoins have not yet taken action, mainly due to the influence of funds and sentiment. Next, we need to see if Bitcoin can continue to break through; overall, Bitcoin is still constrained by the 100,000 pressure zone. If it cannot break through, the overall market will continue to adjust downwards, and we can maintain the previous position of this pressure level.
Thank you for your attention and likes. 欢迎加入专属聊天群.
Today, Alipay launched an advertisement for a digital currency fund, once again illustrating the "true fragrance" law. It is speculated that this fund is from Hong Kong, and as long as it is legally permissible, I wonder how many fund companies are thinking about making money from this. The reason Wall Street strongly promotes ETFs is that the market capitalization of Bitcoin is already large enough, and the annual management fees and transaction fees from ETFs can bring in a significant income for fund companies. Watching Binance and Coinbase's transaction fees accumulate daily is quite enviable.
Speaking of Coinbase, the daily trading volume has set a historical record. This is an inevitable development in the cryptocurrency space, but it also serves as a signal of a relatively high point in the bull market. Trading volume is a direct reflection of investor sentiment; for instance, before the 10-day plunge, DOGE's trading volume exceeded that of BTC, which is a sign of market frenzy. From this perspective, we are definitely at a relatively high point in the current bull market. Looking at the long term, most coins will have the opportunity to be bought back in the future.
Of course, in a bull market, there is no definitive peak. The main reason is that market sentiment is very difficult to control. There have been instances where a certain domestic altcoin's main player sold off, yet retail investors continued to push it up tenfold. However, we must be clear that a bull market is suitable for selling and short holding, not for discussing too much faith and value investing, especially with some newly launched altcoins, as the main players create stories just to make you their counterparty for selling.
Regarding market trends, yesterday I mentioned that there was a slight pressure at the 98,000 position, but it strongly broke above 100,000, which again indicates that the main force of Bitcoin is still present. Especially when altcoins experience sharp fluctuations, Bitcoin's lowest price has not yet dropped to 90,000. Therefore, I boosted everyone's confidence yesterday. Currently, Bitcoin is above 100,000, ETH is gradually catching up, while altcoins have not yet taken action, mainly due to the influence of funds and sentiment. Next, we need to see if Bitcoin can continue to break through; overall, Bitcoin is still constrained by the 100,000 pressure zone. If it cannot break through, the overall market will continue to adjust downwards, and we can maintain the previous position of this pressure level.
Thank you for your attention and likes. 欢迎加入专属聊天群.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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