The main driving force behind this wave of market movement comes from the United States. The price of Bitcoin on Coinbase has consistently led that of Binance. Throughout last week, the inflow of capital into Bitcoin ETFs exceeded $3 billion. Coinbase, as the authority, explained that sovereign funds are buying crazily, which is the most important reason why Bitcoin soared from $85,000 to $95,000 last week. From the price trend, BTC only increased from $87,000 to $94,000, which is not an impressive overall rise, reflecting that the bearish sentiment in the market remains strong, with most people still leaning towards a bearish outlook. When it was about to break $90,000, the liquidation chart showed that there were hundreds of millions of dollars in short liquidations, but it was also a liquidation of leverage. Currently, if BTC does not choose to pull back, but instead continues to surge, the difficulty of breaking through the $100,000 mark in the short term is still present. This round of increase lacks obvious strong positive news to support it, making the possibility of sustained market movement relatively low. Over in the U.S., they are basically in a rest state over the weekend. Although it is a working day domestically, the trading volume is clearly not at the same level as before last Friday.
In the past few days, Alpaca has been demonstrating textbook operations in market control. Even if it is set to be delisted by Binance, it can still create a feeling of a bull market through high control. Even market makers are applying to the project party for temporary increases in issuance to meet high demand. When the project party announced that there would be no increase in issuance, it made the price surge even more. Even the news released by He Yi about Alpaca's price increase, which may be an attempt by shell investors to recoup their investments, could not stop the upward trend. It is said that Alpaca's 'dog庄' (market manipulators) used the delisting news to attract speculators to short, and then they themselves reversed and went long to pull up the price, directly exploding all the shorts. Additionally, ALPACA's funding rate once dropped to -2%, which means that short sellers not only face the risk of liquidation but also have to pay high 'interest', accelerating the liquidation and pushing up the price. Meanwhile, the long positions of the manipulators benefited from the interest rate, which they then used to keep pulling the price up. This led to a 10x rise when the delisting news broke. However, for such heavily controlled coins, the final result is often a sharp drop, like a 'free fall' in seconds. When the exchange posts a delisting announcement, the price could drop to zero directly. The crazier the rise now, the tighter the trap later! Next week, there are quite a few macro data releases: Tuesday: U.S. March Labor Mobility Data, Wednesday: U.S. Q1 GDP and Price Index, Thursday: Bank of Japan Interest Rate Decision, Friday: U.S. April Non-Farm Employment and Unemployment Rate. There will also be token unlocks, notably 74 million SUI and 31.34 million OP. That concludes today’s sharing, wishing everyone a pleasant weekend. The probability of market direction choice will increase next week with the release of macro data, so keep a close eye!
