FTX has launched the second phase of its repayment program, with over $5 billion expected to be distributed starting today.
FTX announced on platform X that it has initiated the second phase of its user repayment program, expecting to distribute over $5 billion to creditors, who will receive funds within 1 to 3 business days starting today.
A new narrative space for Bitcoin has been opened.
Looking back at Bitcoin's previous bull markets, almost without exception, they were accompanied by changes in macro structures or institutional narratives.
2013 Bull Market: The Cyprus banking crisis drew attention to Bitcoin as a 'de-banking' asset.
2017 Bull Market: ICOs and smart contracts catalyzed a flood of capital.
2021 Bull Market: The Federal Reserve's massive liquidity injection combined with waves of NFT and DeFi innovations.
2024-2025 Bull Market: Centered around the systemic trust rift of 'Bitcoin vs. U.S. Treasury Credit.'
This round of Bitcoin's rise is not entirely based on technological innovation but stems from a systemic distrust: a continuous decline in demand for long-term U.S. Treasury bonds, expanding fiscal deficits, manipulation of short-term interest rates, involuntary selling of long-term interest rates, and pessimism towards in-system solutions.
If the stablecoin legislation promotes the expansion of the stablecoin scale, it will only deepen the market's structural anxiety over the 'eventual implosion of the dollar system.' When this anxiety finds no outlet in the capital markets, it will naturally flow towards Bitcoin and gold.
The Federal Reserve may breathe a sigh of relief.
From a macroeconomic perspective, the annual growth rate of the core PCE price index in the U.S. for April has dropped to 2.5%, the lowest since March 2021. This suggests that inflation in the U.S. may be gradually cooling, leading the market to speculate—will the Federal Reserve slow down its interest rate hikes?
Lastly, there is an astonishing big news: The Trump Media Group has just completed a round of private financing, raising approximately $2.44 billion in total. The company plans to allocate $2.32 billion of this to purchase Bitcoin, becoming one of the publicly traded companies with the largest Bitcoin holdings in the United States.
This may also reveal their confidence in the future of cryptocurrencies. It seems that Trump's team not only wants to preserve traditional manufacturing but also has its eyes on the digital currency pie.
Current market situation:
BTC has been retracing after breaking below the trend line. The subsequent movement will likely be a downward trend in the form of three waves. Currently, I judge that this wave of the market has confirmed its end, and the retracement has just begun.
In the short term, it is likely between 100,000 and 104,000, which is also the previous platform area. A short-term bottom may appear here, followed by a rebound, and then a daily-level top divergence leading to a decline. The waves in the chart are merely indicative of a trend and do not represent a specific price judgment.
Personally, I believe that a rebound in the market is no longer meaningful. If there is indeed a rebound, it will only be to find a better opportunity to sell or short. If it breaks below the support area, we will need to look for short-term support between 9.4-9.7.
Although the last wave of ETH's surge was indeed a bit beyond expectations, reaching a new high, my view on it remains unchanged. Moreover, as the extent of its top divergence increases, the bearish risk decreases. Now we will see when it breaks below around 2400; if it does, it indicates a three-top trend, and there is no need for confusion. Before the break, there will still be various fluctuations and rebounds; once it breaks, it will likely be a smooth downward trend, consistent with ETH's usual behavior.
Primary projects are launching:
Monad (MON) is a high-performance Layer 1 blockchain built for decentralized application development, aiming to provide higher throughput, scalability, and lower costs for decentralized applications (dApps).
The mission is to accelerate decentralization by building blockchains that are 100 to 1000 times faster than the closest competitors, alleviating the bottlenecks of existing blockchains and enabling more complex applications and broader adoption.
0 G, fully named Zero Gravity, is a leading Web3 infrastructure provider that is building a leading modular AI blockchain to create solutions for implementing on-chain AI applications in the Web3 ecosystem. In summary, it focuses on modularity, 7A1, faster speeds, and lower costs. In 2024, 0G also reached strategic cooperation with more than 100 leading partners globally, covering various fields including gaming, artificial intelligence, and DePIN.
PIN AI (PIN) is an open-source personal AI platform that opens up new areas of personal digital experience by integrating open-source artificial intelligence and blockchain technology, protecting data ownership and privacy. The platform places humans at the center of the AI economy, providing personalized AI and data retrieval capabilities for everyone. With PIN AI, users can retain the value of their data and AI interactions and, in return, receive services that align with their unique preferences.
The primary market is the 'golden key' to discovering hundred-fold coins, but it is not all-powerful. The market is filled with uncertainty, and the significance of research and investment lies in helping us make more rational decisions rather than blindly chasing the myth of getting rich quickly. By continuously learning and practicing, you can enhance your investment research capabilities and gain an advantage in the crypto market, discovering truly valuable projects. Hundred-fold coins are not an unattainable dream but a goal that can be reached through solid project research. Each in-depth study and analysis lays the foundation for future wealth accumulation. Do not be misled by short-term market fluctuations, but focus on the long-term value and development potential of projects.
