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The SEC has postponed its decision on the proposed Invesco Galaxy spot Ethereum ETF. The SEC has set the next deadline for approving or rejecting the proposed spot Ethereum ETF to July 5, 2024. The expected hype of this round of Ethereum is over, and the next expected hype point is July. In the near future, Ethereum will still begin to weaken compared to Bitcoin. Wait for funds to enter the market or a 4-hour retracement to be in place before seeing the follow-up situation.
Robinhood's crypto department received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on May 4, indicating that market sentiment has weakened again in the short term. Even if future expectations are good, the current market conditions will still not look good, and it will take some time to digest the SEC's expectations for crypto regulation.
After the weekend repair, if Bitcoin cannot close above 65,000 on Monday, then we can continue to short on Monday. The key pressure position above is around 65,000. The intraday long and short positions are still dominated by short orders, but there is a sentiment of short-term liquidation of Bitcoin long orders in the hourly line. The bottom position is expected to be around 62,800. The rest depends on continuing to charge around 64,400. Whether there will be a breakthrough during the day is subjective. ChatGPT 5, which is about to be launched by OpenAI, is undoubtedly a major leap forward in artificial intelligence technology. This new version is expected to be released in the summer of 2024, and the AI track may burst into vitality again when GPT5 comes.
The only good news in this round is that the macroeconomic outlook is slightly better. Although the probability of a rate cut in June is still 91%, the market's expectations for subsequent rate cuts are relatively flat. It is expected that there will be two rate cuts this year, and the US stock AI track is rising slowly.
The mysterious whale suddenly added 4,300 bitcoins, and the on-chain bitcoin transaction volume has exceeded one billion times. The Rune track officially took over the game. In the past 24 hours, the minting of the Rune track accounted for 70% of all bitcoin transactions. In May, the Rune track will make a comeback. Bitcoin has a long-term bullish trend. In the short term, the upper pressure is around 64,700 and 65,000. After breaking through, the market will be smooth. If it fails to break through, it will continue to fall back to around 63,500. This week will repeat again. GPT5 is about to be released, the hot spots of the AI track are coming again, and the hot spots of the Rune ecosystem are also coming. Everyone should pay attention.
Recommended logic for long-term projects: Everyone should also pay attention to the explosion of XRP in the second half of the year. You can pay attention to the explosion of XRP. XRP is going to be a stable currency protocol, pegged to the US dollar, and anchored to real assets + bank collateral. It is inevitable that XRP will be involved in the RWA track. Now pay attention to the algorithm that has been trading sideways at the bottom of the weekly level. There may be a technical breakthrough recently, but the good news for XRP has not yet arrived. If the RWA token economics model of XRP is officially announced in the third or fourth quarter of this year, then XRP may directly double or even higher.
Secondly, XRP’s chips are highly concentrated. The top ten addresses hold most of the chips. The cost of pulling the price is low, and the user stickiness is higher. It is worth ambush and hype.
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