I won't elaborate on the macro aspect too much. Bao will speak tonight, which may cause some instantaneous fluctuations. The focus is still on tomorrow's CPI. Let's wait for the results.
ETF data, yesterday's net inflow was 66 million US dollars, 1,048 coins, Grayscale did not outflow, and yesterday was inflow, but BlackRock's IBIT has not moved much for three consecutive weeks.
2021.4.15: BTC total circulation 18,683,893 coins; circulation market value: 1.18 trillion US dollars; BTC market value accounted for 58.19% at that time; therefore, the total market value of the crypto market was: 2.02 trillion US dollars.
2024.5.11: BTC total circulation 19,697,118 coins; circulation market value: 1.2 trillion US dollars, BTC market value accounted for 54.55%; therefore, the total market value of the crypto market at that time was: 2.2 trillion US dollars.
2021.4.15 The total market value of stablecoins is only 66.7 billion. As of May 11, 2024, the total market value of stablecoins has reached 149.8 billion US dollars, an increase of 220%.
It seems that Bitcoin is in April 21, but in fact we see that the total market value of stablecoins has more than doubled. Where did it go? Obviously, it was all given to the new projects in these new sectors, so this also reflects that the old guys really have to miss this bull market, because in 21, 60 billion stablecoins supported the 2 trillion crypto market value, and now it takes 150 billion. Theoretically, if there were not so many new projects, the current crypto market value would be 4 trillion, and Bitcoin should have been 120,000 dollars. But in fact, the market value was sucked away by new projects, and the old ones were squeezed dry.
On May 14, the El Salvadorian government released a real-time Bitcoin monitoring page, and now anyone can use this platform to query the Salvadoran government's Bitcoin reserves in real time. The Salvadoran government currently holds 5749.76 bitcoins. I can't cry anymore. A country that announced Bitcoin as legal tender has less than 1/40 of the holdings of MicroStrategy, and even less than some individual whales. But this is just the government's holdings, and who knows how much this guy personally has.
OPENAI released its new product, GPT-4o, yesterday. It doesn't seem to be anything new. It just improves the efficiency of AI and makes it more like real humans. It can be regarded as a positive realization, but I think it is a bit below expectations, so AI sectors have begun to pull back today.
Market Interpretation
Yesterday, it was pointed out that the big cake cannot be caught up. Although it pulled up quickly, it did not go out of sustainability. The trend is still suppressed by the downward channel. So the door is back today, but the support of 60,000 is still there, as long as CPI does not have a huge negative, that is, too much advance value. We still regard 60,000 points as an important defensive pass. May is already halfway through, let's be friends with time.
The exchange rate of the second cake touched the bottom of 0.046 again. It seems that there is no horn to blow. It is just a last gasp. The emergence of pledges has made LDO, a "set of children", fall numb, and it is almost back to the price of the bear market. If the market falls sharply again, these nesting dolls will be exposed.
The callback of the AI sector has been mentioned before, but there will be other favorable market conditions for AI in the future. PEPE rose to a historical high yesterday. It is really worthy of being the leader, and now it is completely not following the big cake. Let the dog dealer see the consensus of the leeks!
Today's Panic Greed Index: 66 (Greed)
I don't know what to do in this bull market, click on the simple avatar, find me, face the fans, and share the bull market layout for free
