Jan.2-Jan.8(ETH)Weekly market recap
On January 8, most BTC ETF applicants submitted updated documents on time. According to the latest news, some applicants such as BlackRock and Invesco have submitted BTC ETF securities registration applications to the SEC and have deposited seed funds. At the same time, BTC pumped to $47,000 and recovered the losses of last week.
We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed.
As mentioned in our previous recap, ETH did not break above its previous highs last week. The fluctuation lasted for a month. Our research department obtained from on-chain data that unlike BTC, the number of ETH whales (large holders) has continued to decrease in the past year, and the big whales have split to many small ones. This may be one of the reasons why ETH is weakening in trend continuation.
On the daily level, ETH continues to maintain a bullish trend, but the purple wavy area is shrinking. The situation reflected in the WTA indicator is basically the same as that of BTC. Whales appear during the fluctuation. There is no blue column support for the rise.
Switch to level 4h. Due to long-term fluctuations, ETH is currently in a slight bearish trend from the ME indicator. During the recent rise, although blue columns appeared, the overall trading volume was declining, which also reflects the further reduction of ETH's continuity.
In summary, the final reply to the BTC ETF this week is very important to the entire crypto market. We believe that ETH will also experience larger fluctuations due to this event. It is necessary to go long volatility to hedge risks.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
We believe that the approval of BTC ETF is just a matter of time, as Bloomberg crypto analysts James Seyffart said that multiple BTC ETFs may be approved at the same time. But before that happens, crypto market may fluctuate significantly due to various rumors, but the long-term bullish trend will not be changed.
As mentioned in our previous recap, ETH did not break above its previous highs last week. The fluctuation lasted for a month. Our research department obtained from on-chain data that unlike BTC, the number of ETH whales (large holders) has continued to decrease in the past year, and the big whales have split to many small ones. This may be one of the reasons why ETH is weakening in trend continuation.
On the daily level, ETH continues to maintain a bullish trend, but the purple wavy area is shrinking. The situation reflected in the WTA indicator is basically the same as that of BTC. Whales appear during the fluctuation. There is no blue column support for the rise.
Switch to level 4h. Due to long-term fluctuations, ETH is currently in a slight bearish trend from the ME indicator. During the recent rise, although blue columns appeared, the overall trading volume was declining, which also reflects the further reduction of ETH's continuity.
In summary, the final reply to the BTC ETF this week is very important to the entire crypto market. We believe that ETH will also experience larger fluctuations due to this event. It is necessary to go long volatility to hedge risks.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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