According to the data from the Swiss investment advisor 21e6 Capital AG, the average return of cryptocurrency funds in the first half of 2023 was 15.2%, but the increase in BTC was about 84%. Buying and holding Bitcoin outperformed most cryptocurrency funds by 68.8% in the first half of 2023. In the report, Maximilian Bruckner, the marketing director of 21e6 Capital AG, stated that cryptocurrency funds have often significantly outperformed Bitcoin in previous bull markets.

Bruckner attributes the underperformance of cryptocurrency funds in 2023 mainly to challenging market conditions and the large amount of cash they had on hand at the end of 2022. The report indicates that after the collapse of FTX and other cryptocurrency projects in 2022, many cryptocurrency funds chose to mitigate risks and develop cash buffers, thus missing the significant increase in BTC prices in the first half of 2023.

Furthermore, the report emphasizes that investor sentiment improved slightly in the first half of 2023, indicating that some funds may soon start injecting more cash into the cryptocurrency field. Large funds are also waiting, and once Bitcoin experiences a major drop or the bull market begins, these big players will enter the market. The market appears to lack funds, but in reality, there are few opportunities. If there are more opportunities, funds will rush in.

Important News Overview:

1. Viewpoint: L1 protocols should prioritize the PoS consensus mechanism.
2. LeetSwap: Making efforts to rebuild and relaunch tokens.
3. Suspected BITKRAFT Ventures address deposits 1.57 million YGG into Binance.
4. Ripple officially launches recruitment in the US market, previously rumored to re-enter the US market.
5. The founder of Curve currently has debts of approximately $48.7 million across four platforms.
6. Huobi's social media manager: Bankruptcy rumors are unfounded, and Huobi is currently performing well.
7. Grayscale: Millennials and Generation Z voters may determine the outcome of the "Bitcoin election" in 2024.
8. Viewpoint: If half of CRV's circulating market value is liquidated, it will cause the price of CRV to approach zero.
9. Coinbase report: Consumer and institutional trading volumes decreased by 70% and 54% respectively compared to the same period last year.

BTC:

The weekend was really crazy, with various altcoins skyrocketing, such as YGG, GTC, API3, and High, as if they were giving away money for free. Hua Ge also led everyone to profit from API3 in the live trading. If Bitcoin continues to fluctuate, there will be more altcoin outbreaks.

Returning to Bitcoin, it has been oscillating below the 30-day moving average and above the 120-day moving average for two weeks. The long and short positions have reached a balance. In such a long period of consolidation, a medium-term trend will follow. Hua Ge believes that the longer the consolidation, the more dangerous it is. Hua Ge still holds the view that prolonged consolidation will lead to a decline. It is recommended for everyone to continue to maintain a light position and observe.

ETH:

Ethereum saw a small rebound today, with resistance at the 120-day moving average. If it rebounds near the 120-day moving average, it can be tried for a short position.

XRP:

XRP is likely to return to the starting point in the medium term. Judging from the current trend, XRP is likely to decline further.

ARB:

ARB's trend is not strong, and there have been no recent positive developments. It mainly follows the overall market trend and lacks independent movement.

LTC:

LTC experienced a small rebound from oversold conditions today, but the volume and strength of the rebound are not strong. It is expected to continue to test lower levels after the rebound. Hua Ge advises not to participate in LTC in the near future.

ETC:

ETC rebounded slightly in line with the overall market, and a medium-term downward trend has emerged. It is recommended to reduce positions and observe after the rebound.

Platform Coins:

BGB is oscillating at a high level, with no short-term trading opportunities. Patience is required.

Wealth Code:

As long as Bitcoin continues to oscillate at a high level, altcoins will erupt. You can choose some low-level altcoins with good trends or strong altcoins for layout.

The above analysis is for reference only and does not constitute investment advice. Follow Hua Ge's official account to stay on track!

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