News
On February 1st, Bloomberg ETF analyst James Seyffart posted on social media that on the 14th trading day of the spot Bitcoin ETF, BITB saw an inflow of 18 million US dollars, ARKB saw an inflow of 15 million US dollars, and in addition, GBTC saw an outflow of 188 million US dollars, which is the lowest outflow day since the first trading day on January 11th.
According to CryptoSlate, on January 31st, BlackRock submitted a plan to the U.S. Securities and Exchange Commission (SEC), proposing to advertise its Bitcoin spot ETF on the side of buildings. The filing briefly described BlackRock's plan, stating: "The IBIT advertisement is an animation intended to be projected onto the exterior walls of prominent financial institutions in New York, Miami, and Los Angeles. This storyboard uses our Miami look as a template." The IBIT code will be exposed during most of the animation, and the advertisement showcases the timeline of events leading up to BlackRock's launch of the spot Bitcoin ETF in January, including the launch of the first U.S. stock market in 1790, the first U.S. ETF in 1993, the launch of Bitcoin in 2009, and the launch of the first Bitcoin futures contract in 2017, with the highlighted ad slogans "A new era of access" and "Spot Bitcoin ETF is coming."
On February 1st, according to Coinglass data, Grayscale's GBTC is no longer at a premium/discount, with an 11.61% negative premium for the ETH trust. In addition, the ETC trust has a 37.61% negative premium, the LTC trust has a 111.07% positive premium, and the BCH trust has a 70.79% positive premium.
Market Review
In the previous article, it was mentioned that the market may first pull back to near support before resuming its upward trend. Yesterday, the lowest point retraced to near 42400 and rebounded to around 43800, which is in line with expectations. The only regret is that it did not break through 44000 before the downturn occurred. In the early morning, due to data impact, the market briefly fell to near 41900. Has the rebound already ended? Is a period of volatility about to begin?
Market Analysis
From a macro perspective, the stablecoin reserves on Binance have driven the price to rise from the bottom, and the reserves of stablecoins have been rising, especially from the approval of the ETF to the price bottom and then to 43k. If we look at USDT and USDC, we can see that they have entered Binance and have driven the price increase. Interestingly, in the Binance spot CVD, the trend of stablecoins can be clearly seen. This is an indicator that needs close attention. At the same time, the net inflow of the big pie ETF was 247 million yesterday, compared to the net outflow of Grayscale, currently one IBIT can cover it, and the remaining ETFs are all net inflows.
Looking at the four-hour chart, it can be seen that after testing the 43800 resistance level yesterday, the market showed a high doji, and then the market retraced for a while. Through the indicators, it can be seen that a turning point has now appeared, and there is a demand for downward expansion. The short-term retracement is not over. In the medium term, last week ended with a strong bullish candle, but the bullish volume has continued to be weak. If we consider the 38000-44000 range as a rebound, then the probability of a retest in the future is high. This also aligns with what was mentioned in the previous article, that 44200 might be the end point of this rebound. It's a pity it fell short. But the continuity of this market is very low, and a stage of volatility is set, if you have a dream, come on. It's almost like hell mode is activated. Don't have any fixed mindset. In summary, the medium-term trend continues to weaken, there is a need for a retest, and in the short term, there is downward volatility. At the same time, it is recommended to pay attention to the resistance at 42500-42800 and the support at 41350/40600. It is still about selling high and buying low, don't have a fixed mindset in the short term. Make your own decisions. Subsequent real-time market changes will be explained in the live trading.
Technology is the means, and the trend is the king, the dominant force in the currency circle takes you to soar in the sea of coins
Be cautious when entering the market, trading involves risks.
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