Bitcoin hits a new high! The US Bitcoin ETF decision is coming soon, and Hong Kong is also going to approve a Bitcoin spot ETF. Now the on-chain data is really scary.
AVAX and Aptos have undergone major updates. Who will be the next wealth code? Let’s follow Shuqin to find out~
So many big things have happened in the past few days, and in my opinion, they have far-reaching impacts.
First, let's talk about today's Bitcoin surge:
Why is it rising? Will it continue to rise?
Why the increase:
The results of the Bitcoin ETF will be announced tonight or tomorrow night. Retail investors have seen the Wall Street report Fomo and started to increase their positions.
Can it still go up?
This depends on whether the ETF is approved. I think the probability of an extension in November is higher. The SEC is very cunning this time and said there is an 8-day window period before the resolution, so the final result may not appear until someday between today and November 17th.
The Wall Street analyst in the picture also said that he is more optimistic about the January one and he thinks there is a 90% chance that it will pass in January.
So now I am just waiting for the result. I personally hope for an extension, so there will probably be a big correction, so we can get on board then! But in order to avoid missing out, I am now investing 1% every day, and I expect to complete the position in 100 days at the worst. If there is a big correction, I will just go all in!
Okay, next let’s take a look at the long-term and short-term holding ratio of Bitcoin’s large-scale trend. The higher this number is, the more coins are held in the long term.
Everyone can clearly see that this ratio would decrease in every previous bull market, and the ratio would decrease significantly during a big bull market and decrease slightly during a small bull market. This means that long-term holders began to sell during a bull market, and thus they became short-term holders.
On the other hand, every time this ratio rises it actually means good news.
Because big investors build positions at low prices and wait for the bull market to come. The previous few months of 25,000 yuan to now are all in this stage of accumulation.
Although this ratio has dropped a little bit in recent weeks, which means that a small number of short-term whales are reducing their positions, most people are still holding firmly, so the long-term outlook is still bullish!
But we should not be blindly optimistic, because there is still selling pressure in the short term.
Although there are so many positive factors now, retail investors are also very enthusiastic, and the price of Bitcoin is also soaring, but the big whales will not chase high prices under this situation. They all bought the bottom at 15,000 before. Now some people are selling at high prices. Look, the price is all green.
So even though retail investors have been buying in recent days, the amount of Bitcoin in exchanges has been increasing, which shows that the amount of Bitcoin transferred to exchanges for sale is more than the amount of Bitcoin purchased and withdrawn from exchanges.
In addition, everyone’s funds are limited, and now altcoins continue to suck blood from the market, so we are all very happy when Bitcoin rises, but we should not be too blindly optimistic.
Therefore, Bitcoin is undoubtedly in an upward channel, but in the short term it depends on whether the SEC approves the Bitcoin ETF. I think if it does not, we still have a chance to get on board at a low price.
However, the good news is that the Hong Kong Securities and Futures Commission is considering promoting a spot Bitcoin ETF, and this is by no means just a rumor spread by the tabloids, as it comes from the authoritative media Bloomberg.
Bloomberg quoted the original words of Liang Fengyi, CEO of the Hong Kong Securities and Futures Commission, saying:
“We welcome proposals that use innovative technology to improve efficiency and customer experience.”
“As long as new risks are addressed, we are happy to try them. Our approach is consistent regardless of the asset.”
Look at what she said, her attitude is much more positive than that of the US SEC. In the past two years, we can clearly feel that the East is really slowly turning.
Like the futures ETF listed in Hong Kong earlier this year, it even held the Hong Kong Carnival in April, which successfully pushed Bitcoin past 30,000. So in addition to Wall Street, the power of the East in this bull market should not be underestimated.
If Hong Kong holds a carnival or approves a spot ETF next year, combined with other favorable factors from Wall Street institutions, Shuqin feels that this bull market may far exceed some people's imagination.
do you know?
The market value of Bitcoin, which Wall Street is rushing to buy, is only a few hundred billion, which is still dozens of times lower than the market value of gold, which is worth 13 trillion. It is only half of the market value of Nvidia. You see, Nvidia is just one company with not many shareholders, but Bitcoin holders number in the millions or even tens of millions, and they are all over the world.
However, the number of its coins is only 21 million, most of which are in cold wallets. There are not many coins in the exchange, and they are still continuing to flow out.
When the bull market comes next year, retail investors will enter the market and the production of Bitcoin will be halved. You will see that Bitcoin will be extremely hard to come by and its price will soar.
If you have the knowledge, you will benefit from this big market. And those of you who are still in the bear market now have the knowledge that you should be financially free next year.
But those who entered the market later in the bull market are newcomers who have no knowledge of Bitcoin, so it is not certain whether they can make money.
As for small coins, in addition to the Dogecoin that we ambushed before, we also ambushed XRP in advance last weekend because it also held an event this Wednesday, and both of them have risen very well!
So it is really not difficult to make money. As long as you are well-informed or know the movements of various big whales, then you are smart money and your winning rate will definitely be much higher than that of retail investors.
So those who are interested in daily operations can take a look, there are many wealth codes.
Okay, next let’s take a look at the trends of some small coins.
The first one is AVAX. Shuqin was actually quite shocked that they announced a 12% layoff in such a good market situation!
Shuqin couldn't remember how many times he had laid off employees. It seemed that there were indeed some problems internally. To know whether a project is good or not, just look at its on-chain data.
His total TVL has dropped from its peak of 22 billion to the current 1.4 billion. There has been no improvement in this year's bear market, and it is indeed very weak.
This is normal. After all, the star public chains in 2021 are being eroded by Layer 2, so the cryptocurrency speculation must be new rather than old.
On the contrary, the new currency Aptos has indeed won the favor of the Korean giant SKT. Yes, this SKT is the sponsor of the Korean team in the League of Legends finals.
This giant is similar to China's China Mobile and China Unicom. It helps Aptos develop a wallet. If it allows every Korean cryptocurrency trader to install one on their mobile phone, the prospects will be very good.
This coin also has cooperation with Microsoft, both of which are world-class companies. I think it may break through the triple-digit mark in the bull market, and the prospects are really good.
Well, today's program ends here. Please subscribe, and let's achieve financial freedom together in this bull market!
Bye~
