Last week, the Bitcoin ETF outflowed a total of 7,790 BTC and 544 million US dollars. The net outflow of the ETF or the weakening of macro expectations has indeed dealt a heavy blow to the currency circle.
Last Friday, He Yi of BN published some summaries of the currency circle in recent years on the square. It can be said that the WEB3 industry has been rapidly updating and iterating in the past 7 years, and it has also been expanding and progressing. You can go and read the original text to see if you have stepped on the wind or the mines of each stage. We are in this industry and we still need to keep our curiosity and keen sense of smell, learn to adapt to the characteristics of this industry, summarize the lessons of success and failure, copy success, and eliminate failure.
The weekend market was occupied by the once largest CX plate rats, which doubled in 2 days, but compared with its decline, this is just a rare thing. The current price needs 5 times to liberate most people. I don’t think the CX plate will easily get rid of the top of the mountain.
The data on the chain shows that miners are still at the break-even point, so they have not started to sell in large quantities, but LTH is still accumulating.
This year's WEB3 primary market is hellishly difficult, because most VCs cannot cash out, and the price of the currency collapses before the unlocking period, and no one takes over, so this year's copycat difficulty is also hellish.
From the perspective of the daily line of big cake, from June 11 to now, the 13 days have almost been a blunt knife-cutting-meat-cutting-style decline, and the copycat is almost the same, which is consistent with our previous expectations, and it must be painful. But as of yesterday, the RSI indicator of big cake has begun to fall below 20 and entered the oversold zone. Looking at history, the daily RSI of big cake is bound to rebound a few days after entering the oversold zone, so I think it will not break 61,000 or 60,000 in the short term. There will inevitably be an oversold rebound here, and the resistance level of the rebound is at 64,000-65,000. Note that it is inevitable!
The second cake has returned to below 3,400, and the previous double bottom has also been broken. It may rebound with big cake later.
I have to say something about the Shanzhai sector. The rebound of Bitcoin will not necessarily take all Shanzhai sectors with it, because the current situation is very divided. It is impossible to predict who will take the lead in this rebound. It should not be the AI sector, as the AI sector has already rebounded. So whether it will be RWA or SOL, we can only gamble.
Bitcoin Fear and Greed Index: 51 (Neutral) #ratsusdt
