Today this market is really magical—Federal Reserve Chairman Powell is still stubbornly saying that interest rates will only be cut in December, but the cryptocurrency market is simply not buying it. Bitcoin is firmly standing above $104,000, and Ethereum is slowly inching towards $3,000. Why so strong? Let me break it down for you.

First, institutions have already secretly entered the market.

Those people on Wall Street are smarter than anyone else. BlackRock's Bitcoin ETF has seen net inflows for six consecutive days, and yesterday they bought $320 million worth of BTC. These people are playing the 'expectation gap'—by the time retail investors react, they have already swept up all the low-priced chips.

Second, Ethereum is holding back a big move.

The recently upgraded Pectra has doubled the staking efficiency of ETH, allowing large institutions to manage thousands of nodes with one click. Giants like BlackRock are waiting to ramp up their positions after the Ethereum ETF is approved. On-chain data also shows that in the past three days, whale addresses have accumulated over 40,000 ETH, clearly indicating that smart money is in control.

Third, global risk-averse funds are pouring in.

The U.S. is still engaged in a trade war, and Russian and Middle Eastern tycoons are buying cryptocurrencies to hedge against risks. XRP suddenly surged 10% yesterday due to rumors that Saudi Arabia plans to use it for cross-border payments. Now the cryptocurrency market is no longer solely dictated by the U.S.; global hot money is rushing in.

Key support levels to watch closely:

BTC: $101,000 is a firm bottom; if it stabilizes at $103,000, it will aim for the previous high of $108,000.

ETH: $2,880 is a short-term resistance level; once broken, it will head straight for $3,000.

Altcoins: SOL, SUI, and other projects with real ecosystems are worth watching; stay away from old hype coins.

Operational advice:

Spot traders: A pullback is an opportunity! Buy on dips at $100,000 for BTC, and if ETH breaks $2,800, it can be chased.

Contract traders: Don't guess the top; closely monitor the $103,000 support for BTC during the day. If it drops by 0.5%, stop loss and go short.

Calm traders: Hold a BTC+ETH combo; there is at least a 30% upside potential by the end of the year.

Remember, how far this wave of market can go depends crucially on the June U.S. stablecoin legislation and the September Ethereum ETF approval. Before that, every plunge is a buying opportunity, but don’t go all in! The market is stable like this, and the main players don’t want to give those who are late to the party a comfortable opportunity to buy the dip.

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