Currently, the price of Bitcoin is $29,060 and the price of ETH is about $1,831. The 4-hour chart shows that Bitcoin is still in a downward channel and the trend has not changed. However, the market seems to have little reaction to this. ETH has successfully held the key support of $1,800, and long-term holders are increasing their Bitcoin holdings. The creation of new addresses is also increasing, showing a general increase in on-chain demand, similar to the trend at the end of the 2019 bear market.
This week, the SEC will conduct a final review of the BTC spot ETF applications of Ark and 21 Stocks, and the results will be announced soon. There is still no specific news about the incident between Coinbase and the SEC, which may involve some kind of exchange of interests. However, the recent turmoil of Huobi has also triggered rumors, including the detention of senior executives and insolvency of funds, which have not yet been officially confirmed and need to be treated with caution.
At the macroeconomic level, although institutions are optimistic about the US economy, the actual data is not optimistic. This paradox is puzzling. The US stock market may usher in a wave of declines, because the hype of room temperature superconductors is gradually declining, and the elimination of bubbles is inevitable. The decline of US stocks will also drag down the crypto market, and we need to remain vigilant.
In short, the current global investment sentiment is tense and liquidity is low. If the US stock market suffers setbacks, funds may be more inclined to flow into higher-yielding markets such as US bonds, and the impact on the crypto market may be smaller. This may further drain the crypto market. For the current investment strategy, we need to conduct more in-depth discussions and thinking. Welcome to share opinions and views and jointly meet the challenges of the market! Operational ideas: Still maintain high-altitude thinking