Last night, a dramatic political event in the United States directly exploded the crypto circle! Senator Ossoff from Georgia slammed the table in Congress, yelling, 'Trump put a price tag on the presidential dinner.' Schiff and Warren immediately followed up, demanding an investigation into the crypto accounts of the 'understanding king.' But our understanding king had already been playing new tricks under the table—only 200 million of the total 1 billion TRUMP coins were released, recently leveraging the 'top 220 holders can participate in a private dinner' gimmick, causing the price to rocket from 9 dollars to 16 dollars, with daily trading volume soaring to 3.8 billion dollars!
This operation can be described as textbook-level harvesting of retail investors: the top 10 addresses control 82% of the circulating supply, and the operator can manipulate the chart with 20 million dollars. On April 18, 40 million coins (worth 300 million dollars) were just unlocked, and they immediately shifted focus with dinner marketing. Open futures contracts are 700 million dollars, with a single-day liquidations of 370 million dollars on the 23rd (brothers jumping in now are advised to set stop-loss orders first).
While politicians are still arguing here, Sun Yuchen has already kicked off his annual performance—during a birthday live stream, he shouted 'ETH at 5,000 dollars by the end of the year!' Coupled with the Ethereum Foundation throwing money for airdrops, Twitter was instantly flooded with 'ETH 5,000.' The price skyrocketed 26% in two weeks to 1,750 dollars, and shorts collectively lost 120 million dollars. But taking a closer look: 7.3 billion dollars burned is not enough to offset an annual inflation of 0.8%, TPS is stuck at 45, being crushed by SOL's 9,000, and the staking yield of 3.2% is worse than a bank deposit (1,810 is the death line; breaking that would directly trigger 335 million in liquidations).
The big pie here is more exciting! After the halving, it rose 8% without much heat, but suddenly, 500 million dollars flowed out of the exchange. This morning, when it peaked at 95,000 dollars, on-chain data captured: institutions like Grayscale are buying an average of 230 million dollars daily, and shorts buried 12,000 put options at 95,000. Key support looks at 90,000; breaking that would lead to a massacre on both sides (Note! Historical periods of negative funding rates are often accompanied by a 30% surge).
The most outrageous part is Powell suddenly hinted at allowing banks to play in crypto, only to be confronted by a congressman on the spot: 'What’s the difference between this and condoning a casino?' The old retail investors are now watching the USDC/USDT rate as a barometer: USDC discount = American retail investors entering, USDC premium = institutions secretly storing (these days, trading coins requires learning to be a spy).
[Wealth Risk Warning]
TRUMP coin unlock bomb: 80 million coins still yet to be released in June.
ETH bull and bear meat grinder: 11,000 put options lurking at 2,000 dollars.
BTC turning point window: CME gap of 92,300 dollars must be filled.
