The market has finally rebounded a bit, with the big cake slowly climbing from 58,000 to 62,000, and trading volume has also increased. The trend of altcoins is relatively stable. Currently, the market is as I analyzed a few days ago. The bull market has not ended, it’s just a normal pullback. Of course, this rebound is also synchronized with the U.S. stock market. Last night, the S&P and Nasdaq ended their three-day decline, and Nvidia also rebounded by 7%. This sentiment has had a certain impact on the big cake. Furthermore, a Bitcoin ETF returned to a net inflow status last night, although it was not much, only $31 million, it is still a good start. After all, there had been continuous outflows of funds for nine days. If the ETF can be more supportive tonight, I believe that the confidence in the crypto market will return. In short, the bull market is still continuing, so everyone can continue to be excited.
Recent 24-hour crypto news:
1. Ethereum ETF has good news again. This time, SEC Chairman Gensler personally said that progress is smooth and is waiting for the issuer to disclose. In addition, last night, VanEck submitted an 8-A form for an Ethereum ETF. This institution had previously applied for a BTC ETF and it was listed seven days after the submission of the document. If Ethereum is in sync with the big cake, then the Ethereum ETF will be listed just before July 4th, coinciding with the predictions of various experts.
2. The rune sector performed well today, with Dog rising by 15% and hosting a video competition on TikTok. Lobo went online on MEXC at 6 PM and saw a price increase of 25% in a single day.
3. The Ethfi Foundation announced a proposal to allocate 25 million ETHFI tokens for the third quarter. Now, pledgers can choose to receive the second round of airdrops on the official website, with ETH and ARB networks available for selection.
4. The German government’s Bitcoin wallet continues to transfer money to CEX, and yesterday another 900 BTC were transferred out, presumably to dump the market.
5. Meme Dorae, a meme coin inspired by Doraemon, opened at 3 AM today, with a market value reaching $2.4 billion at one point. The price was $2.4, but it has since dropped by 99%, and the current price is only around $0.01.
6. The Arbitrum DAO proposed to launch ARB staking with an expected annualized return of 7%. The vote will take place in the snapshot next month. This is considered to empower ARB, as second-layer coins like ARB and OP have been awkward before, unable to be used for gas fees or network security maintenance, so they couldn’t capture value. This staking proposal is considered to empower ARB in terms of its economic model.
7. Sui co-founder EmanAbio revealed an upcoming announcement from Sui, so it’s worth paying attention to.
8. UBS predicts that the Federal Reserve will start cutting interest rates in September.
Market analysis:
BTC: Bitcoin has been rebounding since yesterday, but the strength of the rebound is not very strong. It is expected to continue to oscillate and adjust to verify the bottom support position, and then overall improvement will be seen after July. The altcoin performance in the past two days has been good, especially in meme coins, AI, and other sectors, which are worth paying attention to.
ETH: Ethereum’s trend is still slightly stronger than Bitcoin’s. Today, due to the SEC chairman’s personal statement that the ETF progress is smooth, we can basically confirm that the ETF will meet everyone before July 4th. Although many institutions have started to be bearish on ETH, saying that the short-term ETF is bearish for the currency price, this does not affect the speculation in the coming week. In the long run, the ETF is definitely a huge positive. Of course, if you don’t want to bear the impact of Grayscale ETHE holding 3 million ETH, then you need to consider selling or hedging in the next few days.
