It is said that "wealth is a compensation for cognition, not a reward for diligence."
Nowadays, Bitcoin is rising at the same pace, reaching new highs every hour. The exchange rate of Ethereum to Bitcoin is constantly falling. Although Ethereum is also rising, the driving force is still Bitcoin. Of course, the explosive bull market of Ethereum is stronger.
One judgment: "History is always surprisingly similar, but it will not simply repeat itself." The previous major bull markets have all reached historical highs after the halving. One difference this time may be that the new high is before the halving. Because market participants are very smart, "Since the cycle is so obvious, why don't we plan in advance?" Therefore, there will be a rush to fund and a rush to run. Judging from the current upward trend, this possibility is becoming more and more likely. The adoption of spot ETFs has also boosted this fundraising momentum. The main players on Wall Street in this bull market are too strong.
In addition to Grayscale, the total purchase volume of nine Bitcoin spot ETF funds exceeded 300,000 Bitcoins. The current total value exceeds US$18.3 billion. It is only 48 days ago, and the net increase in holdings exceeded 132,800 Bitcoins. Coin, net buying funds exceeded US$8.1 billion in just 48 days! A simple calculation shows that the daily output of mining is 900 Bitcoins. Even if all are sold, the current price is more than 50 million US dollars. Compared with the Bitcoin spot ETF funds that can easily reach hundreds of millions, it is not enough to buy, let alone the miners will definitely not With all selling, coupled with the halving in two months, this bull run in the crypto market will challenge everyone’s imagination.
Nowadays, this market has completely escaped the scope of technical analysis. The only explanation is that the huge amount of OTC funds brought by Bitcoin spot ETFs are not enough to sell the Bitcoins on the market!
