【0507 Market Analysis and Tone Setting】1/2
Traditional funds gradually get involved in ETFs. It is worth waiting for high-level consolidation. You can hold a heavy position when you enter the market after a pullback
I. Industry fundamentals
1. Traditional funds gradually get involved in ETFs:
1.1 Fidelity said at an event in London that it is working with pension funds that want to allocate Bitcoin.
1.2 Bitwise CEO said: Many traditional and reputable companies have begun to participate in Bitcoin business in an unprecedented way.
1.3 BlackRock said it is meeting with a series of investors to discuss Bitcoin ETFs, including pensions, endowment funds, sovereign wealth funds, and insurance companies.
1.4 Tower, an asset management company with an asset management scale of US$130 billion, disclosed in its 13F SEC filing that it has purchased a spot Bitcoin ETF worth US$68.347 million.
1.5 Well-known European institutions disclosed BTC holdings in 13F filings: UBS has IBIT worth US$1.5 million; BNP Paribas bought 1,030 shares of IBIT (BlackRock ETF) in the first quarter.
2. American investors' views on the current crypto bull market have not changed. During the downturn of this round of continuous decline, more than 95% of ETF investors still hold assets and have not sold them, indicating that US investor sentiment is still optimistic.
2. $BTC spot ETF transactions
1. On May 6 (Monday), there was a net inflow of US$217 million, and the corresponding 3,390 purchases will be made after 21:30 tonight (Tuesday), which is the second consecutive day of net inflow.
2. Grayscale has a net inflow again, with a net inflow of US$3.9 million. Seven of the remaining eight ETFs have net inflows, and one has a net inflow of 0.
3. Technical aspects
1. Moving average: The 30-day moving average (64530) and the 60-day moving average (66480) are downward, which will constitute a certain pressure. The 100-day moving average (60840) below remains upward, which will also constitute a certain support.
2. Trend line: Breaking through the near-end falling trend line, but not further breaking through the near high of 67233, and stepping back to confirm the support of the second low of 59600 or the support of the 100-day moving average. It will take some time to reverse and start a new round of rise.
3. Under the promotion of ETF institutions, traditional funds may have large funds entering the market, and the rising market may be caught off guard. Buying in batches on the left side may be the most reasonable operation at the moment.
