On December 4th, the encryption** was mainly based on "festive", and BTC** once rose by nearly 6%, breaking through the $40,000 mark in one go, and hitting a new high of the year to $42,155;ETH is also "not to be outdone", exceeding 5% in a single day, breaking through $2,275.
According to Coingecko data, the total crypto market capitalization exceeded 1602 trillion US dollars, a 24-hour increase of 31%, a new high for the year. The total trading volume of the crypto market in the last 24 hours is around 681$89.9 billion, of which BTC market share is 50%, ETH market share is 167%。In addition, according to 8marketcap data, the market capitalization of Bitcoin has now surpassed Berkshire Hathaway and ranks 10th in the global asset market capitalization. Bitcoin has a market capitalization of about $800.4 billion. It is worth noting that the open interest in the derivatives market mentioned many times by the coin thunderbolt has repeatedly broken new highs, increasing the volatility of tokens in the crypto market and reappearing the long-lost "heaven and earth needle" in the crypto market. At 19:08 on the evening of December 4th, after a "violent rise", the token** appeared a "cliff-like"** mainstream tokens fell by about 3% in a short time, and the vast majority of altcoins** exceeded 5%, resulting in a liquidation of nearly $65 million on the whole network within 1 hour, and a cumulative liquidation of 2 in 12 hours$1.4 billion. It should be particularly emphasized that in the 12-hour liquidation long and short ratio, the short position accounts for a larger proportion, about 1$3.3 billion. This may mean that the next short-term ** will enter the "consolidation" phase again, or start a tentative downside.
Through today's trading, it is not difficult to find that more whales and institutions have begun to "take profits". According to data from several crypto trading monitors, including LookonChain, Whalealert, and Ember Detection, many "smart money" wallet addresses or swing traders with high win rates have begun to sell cryptocurrencies on a larger scale. According to incomplete statistics, when BTC** broke through around $42,000, more than tens of thousands of ETH and thousands of BTC were transferred to the exchange, most of which were confirmed as "selling".
Note: In order not to cause trouble, it should be emphasized that the vast majority of mainstream token holders still hold it, especially the head whale. They value a few "valuable" tokens, such as BTC or ETH, for the longer term**.
After the crypto market has risen in this round, the mainstream view is that there is further potential, and some analysts believe that BTC will reach $50,000 and be just around the corner. According to Alex Thorn, director of research at Galaxy, Bitcoin is currently accumulating a lot and the bulls are buying from the $40,000 bears, and when the bears are exhausted, my guess is that BTC will go higher, and I have $42,000 and $46,000 as the next resistance levels. Finally, there is the approval process of BTC spot ETFs, which partners are more concerned about. According to the latest news, PB analyst Eric Balchunas posted that there is speculation about whether the SEC will allow a redemption mechanism in kind, and there are rumors that the first group will only allow a cash mechanism. In addition, another big unknown is whether grayscale GBTC can be allowed to convert to ETFs in the first batch. This is exactly the "redemption problem" that the previous article has been emphasizing, although the news is in the "rumor" stage, but the coin thunder rod believes that "there is no wind and no waves". Coin Thunder Rods boldly asserted that if the rumors are true, BlackRock and ARK represent the applicant with a high probability of being excluded from the "first echelon" unless the strategy is changed in time. This also means that there may only be about 3 spot ETFs that have been approved in the first echelon. As for whether grayscale's GBTC will be approved in the "first echelon", Coin Thunder Rods believes that there is a high probability that it will not. As JPMorgan Chase has been emphasizing, once the GBTC is successfully converted, it will cause a large sell-off (at least $3 billion) due to its institutional problems (non-redeemable) and transfer to other approved ETFs, which is obviously not good news for the "budding" spot ETF market. The above are personal opinions and do not !! investment advice
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