CQ founder stated that a large amount of coins is being transferred to the platform. Similar situations have occurred in the past, either at the peak of a bull market or at the end of a bear market.

This is similar to the discussion with Lao Lang yesterday about the divergence between long and short positions. Excluding the addresses of miners and platforms, when those who have accumulated a large amount of coins make a profit and want to sell, they need new funds to take over in order to ensure that the price can rise to a new level.

The trading volume of spot ETFs continues to soar, pushing BTC's ETF trading volume into the top ten in the US stock market. It is possible that in a few weeks, BTC will become the most crowded trade in the entire market. On-chain trading is still ongoing, and in the past few days, BTC has continuously formed a consolidation pattern, with the open interest reaching a new high. It is expected that there will be a turning point within this week.

BTC:

Consolidating along the 5-day moving average, BTC is still in a volatile trend. The hourly chart shows continuous pin bars and a surge in volume, confirming resistance within the range. The key resistance level is $52,444, and only by stabilizing above this level can BTC establish a bottom and initiate a short squeeze rally. Next, BTC is expected to retrace after reaching $52,444.

Resistance levels: $52,444, $53,135, $53,753

Support levels: $51,377, $50,485, $49,852

ETH:

ETH is trending higher along the 5-day moving average, with higher lows indicating that the bulls are taking advantage of the positive impact of ETFs and upgrade expectations to support the market. There were retracements during the night, and $2,998 faced deep selling pressure multiple times. Only by quickly surging and breaking through the $3,000 mark can new funds enter to support the market. Next, ETH needs to test the high point and retrace after reaching $2,998.

Resistance levels: $2,998, $3,052, $3,097

Support levels: $2,917, $2,833, $2,776

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