In the last 24 hours, a total of 83,081 people have been liquidated globally, with a total liquidation amount of $201 million, the largest single liquidation happening on Bybit-ETHUSDT worth $2.2325 million.
BTC
Currently, Bitcoin has formed a chip contest area in the range of $108,400 to $110,600, which is a new tightening area.
In the face of such a market, the best strategy is undoubtedly high selling and low buying: the closer to $110,600, the more suitable it is to short, and the closer to $108,400, it is suitable to go long.
At the upper limit of the range, I am more inclined to short near $110,600. Currently, going long can only see about 2,000 points of profit space, while shorting at highs is expected to yield a profit of 10,000 points.
Shorting not only has considerable profit space downward, but there is also a good defensive position above.
Today is Independence Day in the US, and US stock trading is paused, which may lead to insufficient market trading volume, resulting in a short-term pullback. We expect that during the pullback, Bitcoin is likely to find support around $108,400, with the 500-point range up and down considered as a buying opportunity. By next week, as the market gradually gathers momentum, Bitcoin is expected to continue to set new highs.
ETH
Ethereum is showing a box-like consolidation pattern on the 2-hour level; only breaking out or breaking down from the box will clarify its directional trend. If choosing left-side trading, one could layout a short position near the resistance level of $2,660, and go long at the support-switch level of $2,550; if choosing right-side trading, when the price breaks below $2,550, one could chase the short, but if a false breakdown occurs and quickly rebounds forming a long lower shadow, one must stop loss immediately, with the stop loss space generally around 20-30 points. The short-term target downwards is temporarily set at $2,390.
The launch of the SOL spot ETF, the beginning of the next altcoin season?
The US is about to approve the first SOL spot ETF, and this time it has added a "staking rewards" feature. This thing will not only bring on-chain earnings into the traditional financial circle but also open a fast track for institutional investors.
As soon as the news of the SOL ETF was released, the market immediately began to speculate: Who will be the next altcoin ETF? The following coins are considered popular candidates:
XRP: Winning lawsuits steadily, and the cross-border payment area is also continuously making moves. XRP is becoming increasingly popular in Asia and the Middle East, and with the court basically recognizing it is not a security, institutions will certainly pay attention.
ADA: Cardano has always taken the route of 'slow work produces fine products', with decentralization + academic style, fitting well with regulatory appetites. The recent Midnight airdrop has also made its ecosystem more complete.
LTC: This is an old coin, looks a lot like Bitcoin, has a clean history, and clear rhythm. For institutions, the risk is low, and they allocate it for stability.
DOGE: Although it is volatile, Elon Musk keeps making announcements, and the exposure remains high. If a Meme coin ETF really comes out in the future, DOGE will basically be the headline.
PENGU: This is a new Meme based on SOL, which is being hyped on social platforms, and there are whispers that it is applying for some "big moves". If the market continues to go crazy, it is not impossible for Meme coins to have an ETF as well.
So, the SOL ETF is not just a simple product; it is a signpost—it indicates that altcoins have begun to move toward the mainstream financial stage. This may reignite the entire market's sentiment just like the 2021 bull market. Whether you are an institution or a retail investor, it's time to start preparing for this new cycle that could completely change the crypto market!
On-chain interpretation:
$IKUN: The quality of the target is good, with Chinese celebrities and concepts, but mainly played by foreigners, a narrative that can be understood by both Chinese and foreign audiences. IKUN belongs to the culturally rich Chinese meta dragon, and is the second largest bonk asset held in the Bonkguy wallet (the one in the middle is an old coin, not part of the bonk series). IKUN has risen from several hundred thousand at its low to now 17 million, IKUN has risen, IKUN is the new beta of the bonk ecosystem, and the number of large holders in the front row continues to increase, with SOL accounting for 61% in the liquidity pool.
EGL1:usd1 trading competition, the Eagles are in first place, there will be capital injection and buying support for wlfi, the Eagles are about to take off, currently on Binance's alpha, after the trading competition ends, if wlfi is purchased (probability is quite high), the space will truly open up.
Overall: BTC is in a key range battling period, high selling and low buying remain the main theme; ETH is consolidating and gathering momentum, caution is needed for sudden directional choices. The launch of the SOL spot ETF is not just a product event, but also a sign that the entire crypto market is moving towards compliance and embracing mainstream funds. **In the next period, the altcoin sector may welcome a rotation market. How to hit the rhythm and grasp the new cycle's wind is the real question we need to think about.
