Mt.Gox, the former world's largest cryptocurrency exchange, transferred 141,000 bitcoins today. As soon as the wallet changed, the market started to move downward. Affected by the potential panic selling, the market was relatively depressed throughout the day in Asia time.
Its former CEO later clarified that the purpose of this Bitcoin transfer is to prepare for user compensation at the end of October this year, and told us very clearly that the relevant assets will be changed hands before the compensation. Of course, all the changes during the day are wallet sorting, and we don’t know when the shipment will be made. From the perspective of cost-effectiveness, it will at least take until Bitcoin continues to reach new highs, after all, there is still half a year left.
For the market, the most appropriate way is to digest these hundreds of thousands of Bitcoin assets during the Bitcoin surge. Of course, if we look at it rationally, the impact it can cause will definitely not be as big as the previous Grayscale, and the custodian company that took over will not be so mindless as to directly smash the market. It is expected that the sentiment will return to normal later in the day.
After the ETF was approved, the activity of Ethereum on the chain increased rapidly, and it continued to rank first among DEXs. In terms of the market, I maintain my previous view: before Grayscale's products are officially launched, Ethereum tokens will be in a long-term trend of net capital inflow, and the market will slowly recover in stages. At this stage, except for unpredictable black swans, there is no effective force to cause the market to fall sharply.
If Ethereum, the biggest reference for the altcoin market, does not experience a collapse-style weak decline, then the entire altcoin sector will continue to break out. The logic of the strong getting stronger has been fully reflected in the cyclical market. The new currency has hit a new low after breaking the issue price, which also breaks the saying that new is not old. The future market will be MEME in the short term and high-quality VC in the medium and long term. Of course, the premise for achieving all this is that Ethereum can maintain a stable situation.
From a macro perspective, yesterday the US Bitcoin ETF had a net inflow of 3,028 coins, about 211.8 million US dollars. The position difference between BlackRock and Grayscale has now shrunk to within 2,000 coins. It is expected that BlackRock will surpass Grayscale to become the world's largest Bitcoin spot ETF custodian as early as tonight. Some time ago, Grayscale's official website deleted the slogan of the world's largest custodian, which is a good self-awareness. In short, external funds are thriving, and this round of rise will at least continue until the beginning of next month.
The recent US election has further deepened the friendliness of the crypto market. Trump's wallet account has received more than 10 million US dollars in campaign funds, and Trump concept local dogs have soared recently. The helpless thing about the crypto market is that the less value there is, the more value it will reflect. In this bull market, adjust your thinking and embrace meme!
The Nasdaq opened higher in the evening. Let's focus on the entry and exit of ETFs today. If it can continue to be strong, the short-term market will have to try to break through again. Nvidia has reached a new high, and the AI sector is expected to continue to move in tandem. The news is calm, so let's leave it at that for today.
BTC: After hitting 70,000 last night, Bitcoin fell below 68,000 points due to the Mentougou crash. The market is currently in a bullish recovery state. From a macro perspective, this small negative will not bring about a huge bearish effect. The market will maintain a high-level shock pattern after a short correction. The intraday support is 67,600 points and the resistance is 70,000 points.
ETH: Ethereum focuses on the pressure level above 4100 points. The on-chain liquidation chart shows that the short liquidation strength at this position is still very strong. This volume is enough to support a strong counterattack of the Ethereum series of altcoins. In the short term, Ethereum is not bearish, and low-absorption rebound is the main focus.
DOGE: At the end of the daily adjustment, judging from the on-chain data, the recent accumulation of funds by the main force is relatively huge, and the volume ratio is greater than 1. The trend tends to see the previous high in the short and medium term, which can be paid attention to.
JTO: I have talked about it a lot recently, so please pay close attention to it. The price-performance ratio is not bad at present. The sectors that were able to rise first after the last round of sharp decline are all backed by strong main forces.
The meme series is still the strongest in the overall copycat market. You can go for the leaders of each sector if there is a pullback, just play with the leaders. In addition, the fan token series, such as CHZ and CITY, have all pulled back immediately after rising. It is best to set a delivery point to clear them directly. It is difficult to say whether there will be a better delivery point after the favorable news lands next month. The low-market-cap VC sector has also been studied recently. Planet Risk Control basically cannot send anything, so I have to think about how to push messages.
Finally, stay away from leverage and stock up on spot goods! #MegadropLista #山寨季何时到来？ #MtGox钱包动态 #现货以太坊ETF获美SEC批准 $BTC
