June 22, 2023
We all know that the market value of stablecoins reflects the strength of purchasing power. In the past 48 hours, the market value of the four main stablecoins has increased by nearly 120 million US dollars, which is a very good start. According to Xiaomai's experience, it can be known that the active time zone of USDT is mainly in Europe, and USDC is more active in the main trading time zone of the United States. By observing the current rising momentum, it is not difficult to find that USDT has been the main purchase for a long time, and the US stock funds represented by USDC have not only been shrinking in market value, but also their purchasing power has been continuously declining. This time the positive news comes entirely from the US market. The main time period for the rise of BTC and ETH is also in the United States, so it is necessary to focus on whether there are major changes in US funds. By observing the trading volume of the exchange, it is found that the trading volume is continuing to rise, indicating that the current sentiment is still very good, and the number of users who are bottom-fishing is increasing. But this amount of funds is not much at least from now on. This is very likely just a beginning. After all, it has only been two days so far, and more attention needs to be paid to the future, especially the weekend is coming soon. The funds and trading data on next Tuesday may be more representative.
At present, the US stock market and the cryptocurrency market are not completely decoupled. In particular, the cryptocurrency market is still a category of technology stocks, and the investors behind it are highly overlapping. The current situation of decoupling is OK in the short term, but not optimistic in the long term. We still need to keep an eye on the US stock Nasdaq futures. Recently, the market sentiment and funds have greatly improved. It is very likely that tomorrow's weekend delivery will not be achieved, and the goal of 25,000 for short delivery at the end of the month is also difficult to achieve.
From a technical perspective, the momentum of the big cake is gradually slowing down, with 25,000 as the strongest support and 31,000 as the resistance. It is okay to buy spot on dips, but don't chase highs, only do deterministic transactions, less operations, more observation. Teacher Xiaomai believes that the 31,000 point is likely to be broken in the near future, because this wave of funds entering the market is aimed at the landing of ETFs in the near future. Based on this, it can be foreseen that there will still be an increase when the ETF is actually landed.