OKB has officially announced the destruction of over 65 million tokens, with the total issuance set to remain at 21 million tokens. In the future, it will exist as the only gas and native token of the X Layer ecosystem. The price surged from $49 to $142 in a short period, more than tripling. Concurrently, the identity crisis of OKT as the illegitimate child of Ouyi has been resolved. OKT will automatically convert to OKB on the 15th of this month, with the conversion based on the average closing prices of the two coins from July 13 to this month 12. In other words, if OKB stays above $100, OKT has indirectly tripled its growth.
OKB, this coin, was initially undervalued at $15 during the bear market two years ago, and it experienced a threefold high volatility when the entire sector was sluggish throughout the year. Last year, during the phase rotation of the sector, Lao Xu's concept completely stalled, but now it has erupted, and a single large bullish candle has successfully dissipated all market complaints, replaced by the triumph of being self-assured like Uncle San and reaping rewards. It is currently impossible to estimate how this coin will perform in the future, but doubling the investment is always the right move. Switching to another concept, OKB currently has a market cap of $3 billion, while BNB has surpassed $100 billion, which is still worth imagining.
Speaking of sector rotation, Uncle San mentioned a structure in a recent series of articles. There is no doubt about the mainstream explosion led by Bitcoin; next is the relay of public chains and platform coins. The platform coin sector has seen BNB operate independently for a long time. After the only layout above $300 last year, it has not provided any opportunities since. However, other second-tier coins mentioned in previous articles, such as HTX and GT, have already seen over 40% monthly gains. Funds have entered the market, and exchanges are making the most money, which is indisputable.
What to say about the current market structure? For partners who already hold quality chips, especially those players who have been too afraid to buy Bitcoin and have only bought Ethereum since last year, they have at least found some consolation. The true signs of liquidity are beginning to emerge, and the waves of the secondary market are surging one after another.
Ethereum micro-strategy company BitMine has released a new prospectus, indicating it can raise up to $20 billion, fully allocated for purchasing Ethereum. Based on a price of $3670, this translates to a potential purchasing power of 4.3 million coins. Major U.S. institutional investor Cathie Wood has also explained on social media why she is going all-in on Ethereum, truly reflecting the saying: when the market comes, everything is a positive signal.
Data-wise, yesterday the net inflow for Bitcoin spot ETFs was $65.94 million, marking five consecutive trading days of net inflow; the net inflow for Ethereum spot ETFs was $524 million, marking six consecutive trading days, which is precious. The day before, the net inflow for Ethereum spot ETFs exceeded $1 billion, setting a record for the highest inflow since the Ethereum spot ETF was approved. In summary: The buying power from Wall Street represents the most powerful liquidity for the medium to long term.
Macro-wise, yesterday's CPI annual rate was announced at 2.7%, lower than expected and consistent with the previous value. Affected by this news, Ethereum broke through first. Traders are betting that the probability of a rate cut in September has risen to 91%, expecting two annual rate cuts. From the perspective of selling expectations and buying realities, if we can start with a 50 basis point cut in September, and exceed two cuts by the end of the year, the overall risk market will continue to rise strongly.
Lastly, let me ask everyone, after my buddy with the highest floating loss of $14.6 million held onto his long positions close to liquidation, today he still holds contracts that have gained $16.4 million, with total profits reaching $33.83 million. He has completely turned things around; have you started making money yet?
BTC: The daily trend of Bitcoin is in an ascending correction of a double top pattern. The long upper shadow from last Sunday and the one from the 14th of last month created a bullish resonance, structurally very unsightly. If this isn’t repaired in time and a daily top pattern isn’t formed, it means that the subsequent altcoin explosion will have a strong impact. Yesterday, Bitcoin closed bullish, and today it broke through on the four-hour level. If today the daily close can stay above 122,000 points, the short-term top structure will effectively ease, and maintaining necessary strength will have further breakout expectations. The trend is not expected to form a cycle top that quickly; if Ethereum can strongly break through new highs in the short term, it can drive Bitcoin to break through again, making the market strong. Let’s wait for new patterns in the later market.
ETH: The breakthrough of Ethereum today, to break the historical high of 4900 points, is already a foregone conclusion. There are expectations for further highs after the next breakthrough, but every major wave of the market will be affected by necessary turnover and early trapped positions near previous highs, which will impact the short-term trend. In the short term, Uncle San leans towards the possibility of breaking through historical highs, even within the next few days, with expectations for higher points in the later market. However, in the high price range of 4800-4900, there is no need to chase after a position if you don’t already have one. Technical repairs will bring necessary consolidation, and being conservative, one can also take some profits near the previous high and wait for the repair to take a small wave.
Altcoin market: The altcoins mentioned in previous articles, mainly LTC, LINK, and DOGE, have also started to break through. The concept of Ethereum's second layer continues to rise, and NEAR is testing high levels on a four-hour scale. Currently, the mainstream concept series is relatively lagging, and there are expectations for altcoins to catch up with Ethereum. There’s no need to mention the old mainstream anymore; SOL has once again broken $200, and the big windfall period is approaching. It's the selling season, don't FOMO.
Other issues can be discussed in the comments section.
The fear and greed index is at 63 today.
