Is Ethereum becoming an institutional bastard?
The madman said
Recently, there are a lot of people who have copied articles about Mad People, impersonating Mad People. Everyone must carefully screen them. Currently, Mad People only has Weibo: Digital Currency Trend Fanatic, and the official account: Mad Man talks about trends. No other place is the main battleground. Crazy people won't chat with you privately, let alone be paid groups, and won't randomly promote small currencies. Please polish your eyes and beware of being scammed. There are so many bulls, ghosts, and snakes in the bull market, not because of how aggressive they are, but because the market gives them the chance to make money. You don't need to thank anyone to make money in a bear market, but bear markets can lose no or little money to become investors who continue to make money. Anyway, don't trust any analysis or charges other than WeChat and Weibo; please recognize the only real lunatic.
Early in the morning, Federal Reserve Chairman Powell said that he is not seeking a sharp inflation of more than 2%, nor is he seeking long-term inflation of more than 2%. The recovery of the US economy is strengthening, and labor market participation is below the level of the pandemic. With that said, the Dow Jones and Nasdaq were directly destroyed. Once inflation expectations fall, it will be a strong disadvantage for all risky assets, but this day will come sooner or later, so we should cherish the bull market we are in.
Coworking Wework announced that it will accept payment methods such as Bitcoin, Ethereum, and stablecoins. Beatport, the world's largest electronic music online store, will accept Bitcoin payments, and the company will also release its NFTs called “Future Dancefloor Music.” Everyone should no longer feel this kind of news, including the market, and the more this process deepens, the more cryptocurrency becomes like currency and enters every corner of society.
Gemini reports that 14% of Americans are crypto investors. I don't know how to calculate this figure, but this percentage is really not that low. The next successors will definitely not be Americans, but the people of countries that have been slow to respond.
South Korea's ZF crackdown on cryptocurrency fraud and CX will continue until the end of June. Strict regulations on the South Korean side will have a certain impact on cryptocurrency trading volume, which is considered a short-term negative. After all, South Korea is too popular, and this cooling will slow down investors' entry into the market.
The SEC will respond to 3 Bitcoin ETF proposals before November. In other words, before the beginning of November, as long as one ETF is passed, it is likely to be the trigger for Bitcoin to reach a new high. Until then, the market was still guided by fundamentals and supply and demand relationships.
J.P. Morgan's analysis shows that as Bitcoin continues to fluctuate, momentum signals will weaken, many strategies to buy pancakes based on this signal will reduce positions, and capital inflows into the Bitcoin Fund will also weaken, making it difficult to reverse the short-term pullback. Mad people agree more with this analysis report. First, institutions have very little desire to buy above 50,000. Second, Bitcoin continues to rise too much, and it is relatively difficult to continue to push back. Third, it's been quite a while, and the market is entering a relatively quiet cycle.
The founder of Morgan Creek said that once Bitcoin once again effectively stands at $60,000, he will never see Bitcoin fall below 60,000. This dude is considered a dead bully; just listen to him.
The Cuban party believes that cryptocurrencies can be used as an alternative to dealing with the economic crisis. This idea is actually the same as the idea of Wall Street hedge funds. Everyone understands that the total amount of cryptocurrencies is limited, and it is difficult for the upper echelons to easily dilute our wealth.
A local South African company once again applied for a crypto ETF from the Johannesburg Stock Exchange. South Africa is the country that plays the most with cryptocurrencies in Africa. The more developed the place, the more it can accept new things, which is the foundation for the country to continue to progress.
The size of Grayscale assets declined somewhat as the currency price fell and returned to 45 billion US dollars. There was an increase in LTC, ZEN, MANA, FIL, LINK, and BAT, but the increase in holdings was not significant, and the impact was extremely limited. It is worth noting that GBTC is still discounted by -10%, but ETHE's premium has reached 4.42%, which shows that institutions are more optimistic about Ethereum for some time to come, and it is worth everyone's reference.
Market analysis
Bitcoin:
There is a big difference between long and short positions. The bulls think that a big negative line has unleashed the risk and will continue to move upward, while the bears believe that the trend has been broken and will continue to decline. Mad people still think short in this position. The reason is that after the release of a large negative line in the past, the bulls will recoup the decline in about 3-5 days, but after this decline, long and short checks and balances clearly appeared. After this situation, they tend to continue in the direction of trend and inertia. In other words, lunatics believe that the probability of a later pullback is still greater than a rebound, and it is not recommended to rush to the bottom of this page.
ETH:
Today is finally strong. The daily trading volume of CME ETH futures reached a record high, and the number of giant whale holdings also reached a record high. The amount of ETH holdings in DeFi also continues to be near a new high, indicating that it is still quite obvious that institutional investors continue to increase their positions, which means that the potential of Ethereum in the future may be greater than Bitcoin, which is worth drawing the attention of long-term investors. Currently, the biggest problem with Ethereum is the high gas fee, but with the development of technology, once these are solved, then Ethereum will develop very rapidly at the application level. This should also be an important reason why most institutions are starting to hold positions and lay out Ethereum.
It is better than flatbread in the short term, and is expected to continue to fluctuate higher.
HT:
I set up a Westarter IDO. If you don't have HT, don't participate; if you have HT holdings, go get a handful of wool. The sustainability of this increase is not strong.
DOT:
Don't change the downward trend; wait patiently for opportunities.
XRP:
The lawyer said that the results of the April 30 conference call between Ripple and the SEC may be beneficial to Ripple. The main reason for this is that the SEC chairman changed hands. It's still weak in the short term, and I'm not involved.
LINK:
It rushed higher and fell, and it was still too tight; it was mainly shaken.
BCH:
Personally, I'm not very optimistic about BCH in this position, so I don't recommend participating.
ADA:
The high-altitude cabinet vibrated.
XMR:
Recently, the fluctuation has suddenly increased. If the upward trend continues to accelerate, that is obviously not a good thing. Currently, hold the 5-day line first.
DOGE:
In the past week, many Dogecoins that haven't been moved in 5 years have burst into exchanges. The selling pressure is conceivable. Today's 5-day line is likely to fall below. The pullback period is likely to arrive, so you can avoid it first.
CAKE:
The number of transactions made by PancakeSwap yesterday surpassed the number of transactions on Ethereum as a whole. This data is really scary. It is also the foundation for setting a new high today. Binance has actually played too many Defi games. CAKE is tied to BNB to rise together. The two are grasshoppers on the same rope, rising and falling. The trend is still there.
UNI:
Compared to SWAP on BSC, UNI is clearly being absorbed, which is also the reason for its recent weakness. The competitive relationship, um, has faded away with each other.
There's nothing else I want to say. The market is facing a choice of direction. People in this position think that the probability of going down is 65% and the probability of going up is 35%. Currently, there is no clear direction, so following the direction of least resistance is a probable event.
That's all for today, see you tomorrow~!
