Recent Bitcoin trading has shown a trend of “buying in Asia, selling in the United States”

📊 The U.S. core PCE price index in July was in line with expectations, and the three major U.S. stock indexes collectively closed up on Friday.

#Bitcoin 📶

👨🏻‍💻 Bitcoin has underperformed the S&P 500 since the deleveraging event in early August. According to CB Weekly, Bitcoin’s current price is 0.50 standard deviations below its three-month average, while the S&P 500 is 1.41 standard deviations above its three-month average. Analysts pointed out that Bitcoin’s trading range is narrow and it lacks the driving force for price increases, especially in the seasonally poor September.

🔶 Bitcoin faces resistance, selling pressure limited

Bitfinex analysts said that due to insufficient market liquidity, Bitcoin may have difficulty breaking through the resistance level of $63,900, and the current price is difficult to exceed the actual holding cost of short-term holders.

In addition, there is about $15 billion in potential selling pressure in the market, including 203,000 Bitcoins held by the U.S. government (valued at $12.1 billion) and 46,000 Bitcoins (valued at $2.7 billion) planned to be distributed by Mt. Gox. The report pointed out that although Mt. Gox plans to distribute $2.7 billion in Bitcoin through Kraken by the end of 2024, the impact on the market is expected to be limited. According to data from Glassnode, Mt. Gox creditors did not sell a large amount of Bitcoin in the last distribution, and most chose to hold rather than sell.

💡 Personally, I believe that the current market trend of Bitcoin reflects the dynamics of “Asian buying, American selling”. Pay attention to next week's non-farm payrolls report, which will have an important impact on the market. If the data is weak, it may prompt the Federal Reserve to cut interest rates by 50 basis points, which will benefit risky assets such as Bitcoin; if the data is strong, easing expectations may weaken. The market may fluctuate, and the probability of an increase is approximately 50%.
#BTC

51% of institutional investors are considering allocation to spot cryptocurrenciesᯓ

As for the 42 listed companies holding Bitcoin in the U.S. stock market, the total value of their BTC holdings has increased to US$20 billion.

828 Bitcoin prices fell sharply, falling as low as $57,860.ᐟ

#Bitcoin 📶

"According to the latest report from Matrixport, this round of decline may be due to the long liquidation stimulated by the Federal Reserve's dovish remarks last week. Although the callback was not triggered by a significant event, in a low liquidity environment, the liquidation pressure of the bulls became a downward pressure on prices. The main driving factors.

🔶 Institutional investors’ attitude towards digital assets

The Economist Intelligence Unit report further pointed out that institutional investors’ interest in digital assets is gradually expanding, and it is expected that by 2027, digital assets will account for 7% of institutional investment portfolios.

As the digital asset market matures, the market size of tokenized assets is expected to exceed US$10 trillion in the 2030s. Currently, institutional investors usually allocate 1%-5% of their assets to digital assets. In addition to spot cryptocurrencies, 33% are focusing on digital asset pledges, 32% are exploring crypto derivatives, and 36% are interested in funds tracking cryptocurrencies. .

🔶Surge in Bitcoin holdings of listed companies

Data shows that 42 U.S. listed companies currently hold a total of 335,249 Bitcoins, with a total value of US$20 billion. A year ago, the total value of BTC held by these companies was only $7.2 billion, showing a growth rate of 177.7%. This growth reflects public companies’ recognition and confidence in Bitcoin as a long-term investment asset.

💡Personal opinion
Institutional investors’ optimism is reflected not only in holdings of cryptocurrencies, but also in the active adoption of financial instruments such as staking and derivatives. While markets are facing a pullback, any pullback is expected to be short-lived amid expectations of rate cuts from the Federal Reserve.

The Federal Reserve may cut interest rates by 25 to 50 basis points in September, and expects four rate cuts in 2024. But overall, despite the inevitable short-term fluctuations, institutions' long-term optimism about digital assets remains unchanged.

#BTC

"The U.S. unemployment rate data in July triggers Sam's Law, which indicates an economic recession. Does the market use the news to create panic selling? 》

August is typically a poor month for the cryptocurrency market. Based on historical data, market activity in August was relatively sluggish. For example, compared with June 2023, Bitcoin spot trading volume fell by 19% in August 2023, and Bitcoin futures trading volume on global centralized exchanges also dropped by 30%. Analysts noted that over the past five years, Bitcoin’s average decline in August was 2.8%. This is primarily due to reduced liquidity and trading volumes, which may lead to increased market volatility. Market performance in August this year may also see a similar downturn.

The U.S. unemployment rate recorded 4.3% in July, the highest level since October 2021. European, Asian and U.S. stocks fell sharply on Friday as worries that the U.S. could slip into recession triggered a sell-off in global stocks and poor gains in technology stocks.

[Sam's Rule] is a tool used to predict economic recessions. Specifically, when the three-month moving average of the unemployment rate is 0.5 percentage points higher than the lowest point in the past year, an economic recession is considered to have occurred. start.
This law is widely recognized in economics because the unemployment rate is often a lagging indicator of changes in economic activity. However, Claudia Sahm, the inventor of Sahm's rule and a former Federal Reserve economist, pointed out that triggering this rule does not necessarily mean that the U.S. economy has actually entered a recession. The recession and recovery patterns of the U.S. economy have changed since the epidemic, and the recent increase in unemployment has been mainly affected by increased immigration and labor market expansion, which may lead to biased interpretation of this indicator.

💡From a personal point of view, market panic is often an opportunity for investors to gain opportunities. While current data and market reactions are concerning, these moments can also present potential buying opportunities. Rising unemployment and market sell-offs may have a negative impact in the short term, but in the long term, markets often return to growth after panics. It would be a good choice if DCA can invest in spot during this downturn.
#BTC

Over the past year, global approvals for registered assets such as exchange-traded products, legislation enacted, and increased interest in tokenized assets have demonstrated continued growth and development in the digital asset market.

📊According to a recent survey conducted by the EY-Parthenon team, 94% of institutional investors and 83% of retail investors stated that they have long-term confidence in digital assets. Among them, 54% of institutional investors and 64% of retail investors plan to increase their allocation, which means that the amount of investment will increase significantly in the future.

📋The survey also shows that 72% of retail investors believe that digital assets are a core part of their overall wealth strategy. They want existing wealth and estate planning, tax and trust and advisory services to cover cryptocurrencies and digital assets. Data shows that 71% of investors have or plan to seek advice from a financial advisor or planner regarding their cryptocurrency holdings, and 85% are interested in incorporating cryptocurrencies and digital assets into wealth and estate planning.

🔗According to the second quarter financial report of 2024 released by Tether, Tether created a record high profit in the first half of 2024, reaching US$5.2 billion, of which net operating profit was US$1.3 billion. This result marks Tether’s best performance ever. In addition, the amount of U.S. Treasury bonds held by Tether exceeded $97.6 billion, which also hit a record high. The total circulating reserves of Tether tokens are $118.4 billion, while the company’s total liabilities are $113.1 billion, of which $112.4 billion is related to the digital tokens issued.

💡Personal opinion:
Tether’s outperformance and USDC’s growth show that the stablecoin market still has huge potential for development. As the regulatory environment becomes clearer, institutional and retail investors have become more confident in digital assets. This not only promotes the maturity of the market, but also brings more choices and security to investors. In the future, with the introduction of more innovations and the participation of established companies in the financial industry, the digital asset market will usher in broader development prospects.
#BTC #USDT

"Aave DAO launches Aave V3 ETH Lido custom pool, which will support more customized financial solutions in the future"

1. Aave DAO recently launched a customized pool designed specifically for Lido Finance’s stETH and wstETH, marking another important milestone in the field of decentralized finance (DeFi). This newly launched Aave V3 ETH Lido pool not only paves the way for more customized financial solutions in the future, but also provides third-party developers with the opportunity to create other pools specifically optimized for specific use cases.

Aave's V3 architecture allows for a variety of customized deployments to meet the needs of different risk configurations. Lido will provide liquidity incentives to users and reward developers for innovative use cases for staking ETH. The founder and CEO of Aave Labs called this deployment the beginning of the future development of Aave and DeFi.

The total value of stETH currently supplied on Aave reaches $4.63 billion, and the new market will further optimize ETH lending dynamics, attract more liquidity, and bring long-term growth to Aave DAO. Unlike traditional staking which requires a minimum of 32 ETH, stETH allows users to earn staking rewards with any amount of ETH. This cooperation will solidify Aave’s leadership position in the DeFi field and promote the decentralization of Ethereum verification.

2. Beneficial to Aave Dao
• Strengthening platform position: Aave is expected to become the platform of choice for users leveraging wstETH to maximize staking returns.
• Improved economics: The isolated Lido market enables Aave DAO to adjust collateral and interest rate parameters to optimize ETH lending dynamics.
• Increase liquidity: The incentives provided by Lido and the risk allocation in isolated markets may attract a large amount of new assets into Aave.
• Long-term growth: An optimized market for liquid staking tokens has the potential to expand Aave’s total value locked (TVL), market share and revenue streams.

3. I am very optimistic about the DeFi ecosystem. The customized pool launched by Aave DAO specially designed for Lido Finance’s stETH and wstETH marks an important innovation milestone for Aave V3 in the DeFi field. This move demonstrates Aave’s flexibility and commitment to innovation while providing new liquidity incentives and optimization opportunities. Through this customized pool, Aave will not only be able to better serve stETH users, but may also attract more asset inflows and further consolidate its leadership position in DeFi. Overall, this innovative deployment helps promote the development of the entire DeFi ecosystem.
#DEFI #AAVE #LDO

Fight ✊🏻

HODL15Capital data shows that US spot Bitcoin
The ETF had a net inflow of US$429 million (6,608 BTC) yesterday, showing positive growth for 8 consecutive days. The net inflow in the past three days exceeded US$1 billion.

Spot gold XAU exceeded $2,480 and continued to set a new high 🚀.
U.S. stocks continue to hit new highs! The Dow rose more than 700 points to a new high, the S&P 500 rose 0.64%, and the Nasdaq rose 0.2%.

When will BTC hit a new high?
BTC fell back to a low of $62,373 yesterday due to the Mentougou news, and closed at $65,000 this morning. Personally, I think the next target is $68,000. It is not appropriate to chase highs at the moment. It is recommended to wait for a correction before jumping on the market. Get it in stock🚀

#BTC

Touch GRASS SUMMER! 🌿

/
🗣️ GRASS finally opens wallet binding!
\

1. Grass finally opens wallet binding!
Users can go to “Reward/Rewards” on the Dashboard and first need to verify their email and connect your Solana wallet.
(Personally, I use Gmail to verify and then bind the Phantom wallet)

2. Grass is involved in the popular AI & Depin track and currently has more than 2 million active nodes! It’s not too late to join Grass.

⚠️To get x1.25x points, you need to download and use the Grass Community Node app.
1. Go to Dashboard> Store> Grass Community Node> Download Grass Community Node.
2. Install the configuration file (one-time setup).
3. Install the Grass Community Node extension (CRX) for your browser.
4. Verify extension installation.
For detailed instructions, please check the GetGrass official website

3. Grass, led by Polychain Capital and Tribe Capital. The round brings Wynd Network’s total funding to $4.5 million, following a previous round of funding led by No Limit Holdings.

Grass is the data layer for AI, a decentralized network used to access the public network so the data needed to train AI models can be obtained. As its business expanded into cleaning and preparing structured data sets, it became an important part of the foundation on which AI exists.

According to the founders, web scraping has many benefits for a decentralized model. As a decentralized Oracle of AI, Grass will generate data sets that can be traced back to their source, enabling fair compensation for contributions to the network. Currently, Grass allows users to earn points by providing unused internet bandwidth via a web browser extension.

#AI #Depin #Grass

"3iQ announces submission of North America's first Solana ETF application"

Data shows that the price of SOL has increased by more than 723% in the past year, and is currently priced at $133.60.

According to data from venture capital firm Pantera Capital, more than 60% of the incremental trading volume of decentralized exchanges (DEXs) in May occurred on the Solana blockchain. Solana’s share of DEX trading volume increased from 0% at the beginning of 2021 to 24% in May 2024. At the same time, the network’s unique active addresses increased from 14,000 in October 2020 to nearly 1.3 million in May 2024.

The report states that this achievement is thanks to Solana's approach to Apple's macOS architecture, which integrates hardware and software to achieve superior performance. Solana’s monolithic architecture focuses on optimizing every component of its own blockchain, driving a surge in retail activity.

While the Solana network has faced some challenges over the past few years, such as outages caused by technical issues, the most recent of which occurred on February 9, resulting in a nearly five-hour outage, its momentum remains strong. Solana's Firedancer upgrade is expected to be rolled out in a full version in 2025, with a simplified version gradually rolling out before that, and is designed to improve Solana's overall reliability and scalability to cope with increasing network activity.

Solana’s architecture makes it the first choice for developers of memecoin and decentralized infrastructure projects. Since January of this year, the number of new tokens on the network has continued to increase, surpassing other blockchains such as BNB Smart Chain, Ethereum, and Polygon.
According to the report, as of May 2024, Solana accounts for 85% of all new tokens emerging on decentralized exchanges (DEX), a significant increase from 50% a year ago. This increase reflects Solana’s strong performance in the retail market, driven primarily by memecoin activity.

With the continuous expansion of the Solana ecosystem and the emergence of innovative projects, I personally believe that every correction of SOL is a periodic quota (DCA) buying opportunity. By investing regular amounts, investors can diversify risks, smooth costs, and gain potential returns over the long term.
#SOL #MemeCoin

"Solana Blockchain Performs Strongly in This Bull Market Cycle"

Former NBA star Paul Millsap said that he has recently conducted in-depth research on blockchain technology, especially the Solana ecosystem, and has purchased multiple Meme tokens such as JUP, WIF, SC, NUB, MICHI, and WEN.

The Solana blockchain has had one of the strongest performances of this bull cycle, with a significant increase in network activity and integrations despite experiencing outages and technical challenges in the past.

Data shows a record 55 million new addresses were created between March and April, helped by the MemeCoin craze and increased activity on decentralized applications such as DePINs.

One of the latest companies to join the Solana ecosystem is PayPal. The fintech company integrated its stablecoin PayPal USD (PYUSD) into the network on May 29, aiming to expand its utility in daily transactions. Interoperability protocol LayerZero has also included Solana in its network of over 70 chains. According to LayerZero, Solana’s high throughput and low transaction fees make it suitable for “decentralized applications, especially in the DeFi, NFT and gaming sectors.”

Solana's growth has not been without challenges. There are still concerns about cyber resiliency in the ecosystem, especially after a series of outages. According to its foundation, a full version of the Firedancer upgrade will be released in the coming months.

👽 Personally, I believe that with the continuous expansion of the Solana ecosystem and the emergence of innovative projects, every correction of Solana is an opportunity to buy regular quotas.
#SOLANA #meme板块关注热点

"Powered by Bitcoin and AI, El Salvador's GDP could grow 10 times in the next five years"

Cathie Wood said she met with Salvadoran President Booker to discuss the possibility of using Bitcoin and artificial intelligence to promote economic and educational reforms. President Bukele plans to expand El Salvador's GDP tenfold during his next five-year term.

At present, El Salvador's GDP base is relatively low, about US$30 billion, and the average monthly income is only US$450. President Bukele is familiar with the Laffer Curve and readily accepted the proposal to introduce ARK Educate’s technologically innovative curriculum, including robotics, energy storage, artificial intelligence, blockchain and multi-omics, into El Salvadoran schools.

President Bukele is determined to make El Salvador an oasis for the Bitcoin and Artificial Intelligence communities, two of the largest economic and technological revolutions in history. Wood believes these initiatives will drive El Salvador's GDP growth tenfold over the next five years.

👽 Personally, I think Bitcoin has high security and programmability. Fast payments and decentralized AI governance are possible through Bitcoin L2 technology. El Salvador can use these advantages to attract global scientific and technological talents and investment, enhance its position in the digital economy and smart technology fields, and promote rapid economic growth.

#BTC #AI $BTC

"Global Bitcoin ETF manages over 1 million BTC"

Bitcoin is about to break through its previous high and head towards $75,000? !
According to Boldreport, all Bitcoin ETFs worldwide collectively hold more than 1 million Bitcoins, a milestone first achieved on March 12. These ETFs are located in various countries including the United States, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil, and Australia.

U.S.-based Bitcoin ETFs lead the way, with Grayscale GBTC holding about 292,000 BTC, followed by BlackRock IBIT holding about 280,000 BTC and Fidelity FBTC holding 162,000 BTC. Together, these three giants hold approximately 734,000 BTC. Total net inflows into U.S. Bitcoin ETFs have now reached $13.7 billion, according to data from Farside.

According to Lookonchain monitoring, U.S. spot Bitcoin ETF data on May 27 showed:
- Grayscale GBTC increased its holdings of 216 Bitcoins, worth approximately $15 million, and currently holds a total of 289,041 Bitcoins, worth approximately $20.2 billion;
- BlackRock increased its holdings of 2,642 Bitcoins, worth approximately $89.7 million, and currently holds a total of 287,168 BTC, worth approximately $20.08 billion;
- Nine U.S. Bitcoin ETFs added a total of 3,028 Bitcoins worth approximately $211.8 million.

👽 Personally, I believe that the magnitude of Bitcoin’s retracement may become smaller and smaller. If it breaks through again and stands at $70,000, it will reach a new high. Be sure to hold on to the small coins in hand, don't fall down before dawn.

#BTC
#WeAreMars

"Spot Ethereum ETF finally passed, trading may start in a few weeks"

The SEC officially approved the 19b-4 filings for eight spot Ethereum ETFs, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Investment, Invesco Galaxy, and Franklin Templeton. Although these ETFs have been approved by the 19b-4 document, the issuer cannot start trading until the S-1 registration statement becomes effective. The SEC is currently discussing the details of the Form S-1 with the issuer, a process that is expected to take several weeks.

James Seyffart said that the approval of the spot Ethereum ETF was issued through an authorized body, which means that no public committee vote is required, but any committee member can challenge it and request a review or vote. Nonetheless, these approvals are a done deal. Dissenting committee members may vote against it based on their opposition to a Bitcoin ETF. He also mentioned that while it was hoped that requesting a review would not change any decisions, it might provide more insight into the decision-making process over the past week, with the only possible reason being political.

Bloomberg ETF analyst James noted that typically this process takes several months, sometimes as long as five months. But Eric, another ETF analyst, believes the process may be accelerated this time.

In the past 24 hours, the entire network liquidated 363 million U.S. dollars, and the amount of ETH liquidated
Super BTC. Data shows that long positions were liquidated at US$262 million, and short orders were liquidated at US$100 million. The liquidation of BTC was US$70.2129 million, and the liquidation of ETH was US$137 million.

#ETH #BTC $ETH

"Happy Bitcoin Pizza Day"

🍕The origin of Bitcoin Pizza Day began on May 22, 2010, which was the first physical transaction in Bitcoin history. Programmer Laszlo Hanyecz used 10,000 Bitcoins to buy two pizzas.

At the time, Bitcoin was still in its early stages of development, and this transaction demonstrated the practical application of Bitcoin as a payment method. At that time, 10,000 Bitcoins were worth approximately $41, but today, those Bitcoins are worth approximately $700 million.

Bitcoin Pizza Day is not only an important anniversary for the cryptocurrency community, but also a landmark day. Let's celebrate together!

#BTC
#BitcoinPizzaDay $BTC

Bitcoin broke through $68,000 last night and once again stood at $71,000.
Ethereum ETH has increased by 20.74% in the past 24 hours and is now trading at $2,715.

"Spot Ethereum ETF approval chance increased from 25% to 75%? 》

The SEC will approve the 19b-4 filing for the spot Ethereum ETF as soon as Wednesday.

Bloomberg senior analyst Eric Balchunas said that the approval probability of the spot Ethereum ETF has increased to 75%. However, this is a 19b-4 filing for the VanEck deadline of May 23. We also need to wait for the S-1 filing to be approved, a process we expect could take anywhere from a few weeks to a few months. Even so, if theoretical approval materializes later this week, it should mean approval of the S-1 filing is only a matter of time.

19b-4 documents are filed by exchanges and usually relate to changes in the rules for the exchange's operations, such as the introduction of new products or modifications to trading mechanisms. The SEC will review the proposal and solicit public comment before deciding whether to approve it. The S-1 document is a registration statement that a company must submit before issuing shares to the public. It details key information such as the financial status, operating conditions, market environment, preliminary pricing, and risk factors of the issuing company.

The chief legal officer of Variant Fund believes that if the spot Ethereum ETF is approved, it may mark a major shift in U.S. cryptocurrency policy. He noted that everyone close to this process in Washington would be shocked. Approval following the SAB 121 vote could be more significant than the ETF itself and mean a significant change in U.S. cryptocurrency policy.
$BTC $ETH #以太坊ETF批准预期 #ETH #BTC

"SOL price could return to $200 by the end of this month? ! 》

Bitcoin hit $67,450 on Friday, with ETH and SOL also rising.

🧬 Solana hit $174, a new high in more than a month, before easing back slightly to $170, up more than 40% from its early May bottom.

🕵️‍♂️ The co-founder of digital asset hedge fund Syncracy Capital said SOL’s performance in this rally has been incredible. He is increasingly confident that SOL can regain $200 by the end of the month and reach new all-time highs soon. SOL reached an all-time high of $260 at the peak of the bull market in November 2021.

Currently, the total market value of the Solana ecosystem is $224.8 billion, and the 24-hour transaction volume is $64.3 billion. The Solana meme coin has a total market capitalization of $7.7 billion and a 24-hour trading volume of $1.2 billion.

The Solana ecology continues to heat up, and the multi-pronged approach of meme coins and NFTs has made the encryption market realize that this "Ethereum killer" who was once considered the most likely is back?

I personally believe that the meme coin craze on the Solana chain is one of the main driving forces behind its rise.
#Solana⁩

"U.S. core CPI monthly rate cools for first time in 6 months"

The United States released CPI data for April, with an annual rate of 3.4% without seasonally adjustment, in line with market expectations. In addition, the core CPI monthly rate in April reached 0.3%, the lowest level since December last year.

🕵️‍♂️ Market expectations that the Federal Reserve may cut interest rates in September and December have become firm. But Fed Chairman Powell said yesterday that the Fed will "need to be patient and let restrictive policies work." Some policymakers don't expect any interest rate cuts this year.

📊 After the CPI data was released, the U.S. dollar index DXY fell sharply by nearly 40 points in the short term and is currently at 104.2. At the same time, the price of Bitcoin BTC has fluctuated greatly, rising by US$5,000, or 7.7% in the past 24 hours, and is currently at US$66,331.

Typically, risk assets prefer a weaker dollar. The U.S. Dollar Index DXY is critical to Bitcoin’s cycle as it reflects the market’s expectations for liquidity in real time. Market liquidity is currently increasing. We need to keep a close eye on DXY’s 101-102 level, as a break below this level could push Bitcoin prices to previous highs above $70,000 this cycle.

👽 My personal opinion is that it is not advisable to chase prices easily under the current circumstances, because as long as the U.S. stock market has not yet cut interest rates, opportunities for bargain hunting still exist. Pay attention to the daily MA30 indicator of Bitcoin. If the price falls back to support and stands firm, there will be a good upward trend. Remember that every dip can be used as an opportunity to gradually build a position.
#美国4月CPI数据回落 #BTC