The market is changing rapidly, and trading is all about the present; you sing whatever song fits the mountain you find yourself on. The crypto market is full of undercurrents, with institutions secretly positioning themselves. What will be the fate of Bitcoin, Ethereum, and Solana? Bitcoin has been fluctuating around the $86,000 level for a long time. In fact, we have already discovered a significant V-shaped reversal in Bitcoin, quickly rebounding after being supported at the $78,000 level. Its breakout has not yet achieved a breakthrough of the $90,000 high, but currently, there is a certain opportunity to test the upper $90,000. In the past 24 hours, Bitcoin's trading volume surged by 28%, with a historical average of around 15%. One transaction exceeded 5,000 Bitcoin, which definitely indicates that institutions are buying. Can ordinary people suddenly buy 5,000 Bitcoin? So it’s definitely institutions buying. Recently, the net outflow from exchanges has been nearly 12,000 Bitcoin. A Bitcoin spot ETF has seen a significant outflow of coins over the past week. Additionally, for Bitcoin options, its pain point next week is basically around $84,000 to $85,000, but after March 7, its position is at $89,000. Therefore, this wave has a strong liquidation level around $90,000. In the next seven days, Bitcoin may break through and regain a stronger position above. Why is there a conversion between longs and shorts? Because options need to be liquidated, and market makers need to operate. This wave of operations definitely requires buying spot to achieve a hedge. Furthermore, the recent contract funding rate has gradually formed a negative situation, which suggests a certain probability of an upward movement. I firmly believe that this wave of Bitcoin will rebound to around $89,000.
In this wave of Ethereum, we can see its price rebounding along with the market. From the options, it can be observed that there will be a strong surge at the end of the month. This month, Ethereum may rise to the level of 2600 to 2800. As everyone knows, on March 15, during the staking vote of Bitcoin and Ethereum, five committee members previously supported cryptocurrencies, leading to a 60% pass rate. Next, Ethereum is on a bullish trajectory.
Solana has achieved a rebound in this wave, from 120 to 140. From its highest point, it has dropped nearly 60% over the past month, digesting part of the selling pressure. After this round of staking unlock, its staking volume has increased by 8%, confirming that some people took the opportunity to bottom out during the decline. This action shows that there are profits to be made in the market. Although I do not currently hold Solana, I believe it will still yield good returns in the near future. Today's fear index is still at 26, indicating fear. Bitcoin's market cap is currently around 55% and has not dropped below 50%, so the bull market continues, and there is no need for everyone to feel anxious. That's all for today.
