The Rebound of BTC: Stable Trend, Likely to Continue Rising
Yesterday I said that the pullback of BTC should be over, and it may continue to attack $100,000 this week. The result was that the rebound last night was really powerful! It rose from around $90,800 at the low point to over $90,000, an increase of more than $6,000 in a single day. Although it has retreated slightly during the day today, I think this is normal fluctuation. The current trend is very stable, and I see it continuing to rise this week.
ETH Strongly Follows Up: Catch-up Rally Continues
What surprised me the most last night was not the rise of BTC, but the performance of ETH. Even in this market, ETH kept up, reaching a high of $3,684, and the ETH/BTC exchange rate also rose all the way, breaking through 0.038. This shows that the performance of ETH is very strong, and it has been in a catch-up rally for a consecutive week.
Moreover, last night, ETH ETFs saw capital inflows for the fourth consecutive day, with an inflow of $90 million. Although this was in the absence of inflows to BlackRock, the trading volume reached a record $480 million. If this trend continues, I predict that BlackRock's clients will start to enter the market. The options market is also starting to be bullish on ETH, believing that its future explosive power may exceed BTC. In addition, the staking ETF of ETH is about to be launched, and some staking projects (such as ETHFI, EIGEN, REZ, LDO, etc.) have also skyrocketed, providing additional attraction for off-chain capital. Overall, I am optimistic about the subsequent trend of ETH, and even believe that it will drive the explosion of the entire Altcoin market. Let's look forward to it together.
The Ruling of TRON: Relaxed Crypto Market Regulation Environment
There was another big event yesterday, the court's latest ruling on the TRON case. Previously, TRON was targeted by OFAC, and the developers were also arrested, and TRON was delisted by major exchanges, becoming a "target for everyone". But yesterday, the court ruled that TRON is an immutable smart contract and does not belong to the assets defined by OFAC, and OFAC's previous sanctions were ultra vires. The court believes that although TRON provided convenience for hackers to launder money, it is not responsible for the entire protocol, and the illegal acts are the responsibility of the hackers. This ruling caused TRON's price to skyrocket 10 times instantly.
From this judgment, it can be foreseen that if Trump is re-elected, the regulation of the crypto market may become more relaxed. This "freedom unless prohibited by law" environment is a great news for the coin market, especially for DeFi protocols such as Aave, Uni, dYdX, and GMX. It can be foreseen that innovative projects will have more opportunities.
CZ's Return: Guiding the Future Direction of the Coin Market
After CZ's return, he began to guide the direction of the coin market. He first criticized the chaotic phenomenon of the meme coin market, and then shifted everyone's attention to the application layer, especially AI applications. Recently, Binance has launched The project, which is a pure application project in the BNB ecosystem. Simply put, the better the ecosystem of this project, the higher the value of VE33. Before the launch, the market capitalization of this project was only $20 million, which fits the small market capitalization characteristics of Binance's wealth creation effect. After the announcement, the project directly soared 40 times, the scene was very hot, giving people a sense that Binance intends to create a listing effect.
However, I personally think that although projects like VE33 are not bad, they have not triggered an overall rise in the market sector like ACT and PNUT before. Although Binance has also recently launched Chillguy's contract, the effect of the futures market is still not as strong as the spot market. My prediction is that if Binance does not continue to push strategies similar to NEIRO, ACT, and PNUT, the flow of meme coins may return to the chain. Currently, several AI meme projects on the Base chain (such as Clanker, Virtual, Sekoia) are still maintaining strong growth, with $1 reaching 0.08 yesterday, and although it has fallen back a bit today, it is still above 0.05. This shows that the on-chain meme coin market is still active. I think it is more difficult to catch the next project like The than to catch the next AI meme coin.
Finally, there are actually a lot of things that haven't been written in, such as specific opportunities and specific decisions, which are often not something that can be summarized in an article.
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