This bull market has yet to see a blooming altcoin season, and Bitcoin has continued to fluctuate below US$67,000 recently, hitting US$64,000 this morning (19th). Some investors said helplessly: "Oh, let alone the copycat season, it's good if it doesn't return to zero."
However, last night the United States released lower-than-expected retail sales data, and MetaMask developer Consensys announced earlier that the U.S. Securities and Exchange Commission (SEC) enforcement department has notified that it will end its investigation into Ethereum 2.0 and will not charge Ethereum sales. It's securities trading.
Perhaps inspired by these news, Ethereum turned upside down last night and had recovered to $3,543 by the time of writing, with a cumulative increase of nearly 5%. At the same time, tokens related to the Ethereum ecosystem also showed general gains. In the past 24 hours, $LDO rose by more than 19%, $PENDLE rose by more than 10%, and $SSV rose by nearly 9%.
Arthur Hayes adds $ PENDLE and $DOGE
In this context, Arthur Hayes, founder of cryptocurrency derivatives exchange BitMEX, posted on X this morning (19):
I like this choppy sideways downward shitcoin price action. I am adding to my position $PENDLE and $DOGE.
On June 11, Hayes locked 1.65 million $PENDLE (worth approximately $8.4 million) into the interest rate trading protocol Pendle until September 5, demonstrating his long-term confidence in the token. In early May, Hayes wrote an article expecting that the currency market would bottom out, fluctuate, and begin to slowly rise. At that time, he stated that his long-term Altcoin position was $PENDLE.
In addition to PENDLE, Hayes recently expressed his optimism with Real Vision CEO Raoul Pal on Coin Bureau's YouTube Podcast that the Dogecoin ETF may be launched at the end of this market cycle. Hayes noted that this prediction was based on years of significant growth in dog-themed meme coins. As the oldest meme coin, Dogecoin has stronger community and cultural advantages than other meme coins.
Legendary trader GCR: We are still in a bull market
On the other hand, legendary trader GCR said early this morning that the current market structure reminded him of the situation after the DeFi boom ended in late summer 2020, and even a bit like the summer of 2021. He said:
However, we should not rely too much on past models; every market cycle develops differently.
We are still in a bull market.
After the late summer of 2020, Bitcoin immediately rose to May 2021; after July 2021, Bitcoin hit a new high in November of the same year. This passage shows that GCR is optimistic that this bull market is not over yet.
