今天大饼又破了前高去到73777，在丧失了历史前高作为参照后，大饼已经高处不胜寒，有点小迷茫。
There is bound to be a lot of pressure to break new high selling orders. These buying orders mainly come from short-term and long-term holders, plus miners and entities that have gone bankrupt and reorganized.
No matter how fierce the selling is, it can't be as fierce as the institutions. As long as there are ETFs as a strong supporting force, the pie will not suffer a huge flash crash.
昨天贝莱德又扫货8.49亿美刀的大饼，9支ETF也出现破单日新高超过10亿美刀的买盘，因此才出现新高的价格。
The madness of ETFs made Grayscale unable to sit still. Yesterday, Grayscale also submitted a new proposal to the US SEC aimed at issuing a mini version of GBTC.
One of the main problems faced by Grayscale is their high management expenses, which are close to 1.5% per year, which is 15 times higher than many competitors.
Grayscale has lost its competitive advantage and can only reduce losses by launching spot ETFs with lower fees. In the future, they may do more splits and launch more different mini trusts to avoid some capital outflow problems.
Yesterday, in addition to BlackRock's great power, MicroStrategy also followed suit. They planned to raise another US$500 million to continue to add positions to the pie. It was less than a week since the last similar operation.
微策略最近是真的猛，刚刚募集7亿美刀上周末就以大约8亿美刀梭进去12,000枚大饼，使其比特币持仓总量达到了205,000枚，市价约值近150亿。
Sailor, the founder of the company, is also a super ruthless person. He has been crazy about pie recently and predicts that the market value of pie will increase from 10 to 100 times in the next ten years. He also predicts that pie will surpass gold in market value.
The madness of institutions has once again triggered a sell-side liquidity crisis. Now miners are mining about 900 pieces of pie every day, but after the halving, they can only mine about 450 pieces a day. The ETF collected 14,700 Bitcoins yesterday.
Since the beginning of this year, ETFs have inflowed US$12 billion, breaking the record during the 2021 rise. This year has just begun, and Tangren expects a seller's liquidity crisis to occur within 6 months.
Once the seller's supply is far from meeting the purchase demand, prices may rise sharply. It will not be difficult to break $100,000 in the next few months.
The Cancun upgrade of Ethereum was also completed yesterday. The l 2 track meme series once again gained momentum, with shib rising by 11%, pepe rising by as much as 28.5%, and doge also rising by 16% after Musk’s words: “Dogecoin went to the moon”.
Although the market fluctuated and pulled back in the evening, according to the ideas of yesterday's article, once the L2 upgrade is fully implemented, in the middle and late stages of the bull market, the outbreak of the aunt ecology will be stronger than the pie ecology.
Especially after the spot ETF is approved, of course, the current expected probability of approval is 30%. The reason is insufficient communication between the US SEC and ETF applicants. Although the whole process is full of uncertainties, as time goes by, The positions and decisions of relevant parties will become clearer.
According to the conclusion given by Bloomberg’s ETF analysts: I still believe that the spot Ethereum ETF will eventually be approved. It is just a matter of time. The specific timetable may not be approved until 2025.
This afternoon, Big Beauty released big news: The government plans to significantly strengthen the taxation of cryptocurrency starting next year, especially a new tax of approximately 30% on miners’ electricity consumption tax. Starting in 2025, the tax rate will be approximately 10%, increasing to 20% in 2026 and 30% in 2027.
Businesses are required to report the amount and type of electricity used, and ultimately must pay a 30% tax regardless of the source of the electricity. This means that even if you are using renewable energy, and even if it is an absolutely environmentally friendly electricity source, you still have to pay a 30% tax.
Da Meiliang is really crazy about money. The electricity it releases to the miners uses excess energy. As a result, it blatantly charges protection fees on the pretext of destroying the environment and endangering public safety.
Miners are not fools. They will be close to break-even now, and their income will be reduced by 50% after the halving in April. If taxes are increased by 30%, they will be forced to leave the country.
Miners fleeing to other countries can be said to be bad news for the currency circle. About 40% of the current hash rate comes from Big Beautiful. Tax plans like Big Beautiful may cause the network to be slightly unstable. Stable, the hash rate may drop slightly in the end until miners stabilize in other countries, just like when big pie mining was banned in country Z, Big Beauty will only lose its dominance in mining.
There are pros and cons, and it may be a good thing for other countries. The London Stock Exchange recently announced the groundbreaking decision that starting from the second quarter of this year, it will begin to accept the listing of cryptocurrency ETNs such as Big Pie and Auntai. This important decision marks a significant improvement in the status of cryptocurrency in the global mainstream financial market.
Recently, the Thai government has taken a series of measures to provide more favorable taxes for individuals and issuers who hold investment tokens.
According to reports on March 13, Thailand’s cabinet approved a policy that allows profits from holding investment tokens. In addition, the tax incentives introduced by the Thai government include exemption from corporate income tax and value-added tax.
It is expected to bring approximately US$3.7 billion in capital to Thailand in the next two years. In other words, there may be a lot of investors pouring into crypto projects, and they may also come to Thailand for development.
The trend has not changed yet. After the short-term shocks, sharp declines and consolidation have washed away the long and short leverage, there will be a new breakthrough and leap. Again, every correction is an opportunity given by God to get on the train. Stay patient and calm, and hold the currency. Seize this wave of wealth.
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