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Market Analysis – Will Ether and Bitcoin’s Market Dominance Rotate?
Binance Spot Analysis
GTRadar – BULL
GTRadar – Balanced
Market Potential Opportunities
US Election Concept Meme Coins
Solana Ecosystem Meme Coins
Focus News
This week, the price of BTC fluctuated due to the news of the approval of the Ethereum spot ETF and the repayment of 142,000 BTC by Mt.Gox. Overall, the trend is still oscillating within a large range, with support at $66,000 and resistance near $71,000. There is not much trading value. This week’s report will still focus on the trend of ETH.
Last Friday, the key documents for the Ethereum spot ETF, including the 19b-4 form of various issuers such as BlackRock, Fidelity, and Grayscale, were officially approved by the U.S. Securities and Exchange Commission (SEC). Although the “partial approval” does not immediately allow the Ethereum spot ETF to be listed and traded, it is still a significant step towards full approval for sale. More importantly, compared to the originally expected “rejection”, this is undoubtedly a major positive news.
Therefore, after this news was announced, the price of ETH immediately rose significantly. As of now, the price of ETH has risen by 28.26% in May, recovering the 17.35% decline in April.
Compared with ETH, although the cash flow of the Bitcoin spot ETF has remained stable in the past week, another event that can cause market panic, “Mt.Gox’s repayment of 142,000 BTC,” has also occurred. Although these BTC claims have likely undergone multiple transfers in the OTC market and may not have as much impact on the market as it seems, the release of “9.7 billion USD worth of BTC” will still cause panic in the market or become a tool for major players to harvest contracts, thereby affecting the further rise of Bitcoin.
Based on the monthly charts of these two mainstream coin trading pairs, they have successfully held support and rebounded above the key resistance. This downward trend line has not been broken since August 2022. Although the monthly chart is not closed yet, this trend still has a certain degree of reference. If ETH can continue to benefit from the full approval of the ETH ETF, Ethereum may continue to break through in this wave and continue to outperform Bitcoin next month, causing a shift in market dominance to Ethereum. On the other hand, thanks to the surge in ETH, Ethereum ecosystem tokens have also experienced significant gains, such as LDO, PENDLE, ENS, ETHFI. If ETH can continue to gain market attention, these tokens will also benefit to some extent.
On the other hand, thanks to the surge in ETH, Ethereum ecosystem tokens have also experienced significant gains, such as LDO, PENDLE, ENS, ETHFI. If ETH can continue to gain market attention, these tokens will also benefit to some extent.
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The yield of “GTRadar – BULL” and “GTRadar – Balanced” in the past 7 days is -3.36% and -1.96%, respectively. The yield in the past 30 days is +1.5% and -2.04%, respectively.
In the past week, the two portfolios successfully capitalized on the rise caused by the positive news of the ETF on May 20th, but the subsequent market saw a significant correction. The approval of the ETF on May 23rd instead led to a market downturn, and the profits of the two portfolios were also given back.
In recent waves of rises, unlike the general market trend, the market has focused on a few tokens, and the remaining value coins or traditional blue-chip coins have not performed well or even declined. The team is currently evaluating whether to concentrate funds and strategies on BTC, ETH, SOL, and a few market hot-spot tokens to maximize profits, fearing that this phenomenon will become the norm in the future.
Currently, “GTRadar – BULL” has a net long position of about 200% (full position is 300%), with a larger holding of ETH.
Currently, “GTRadar – Balanced” has a position of 120% (full position is 300%), with a larger holding of ETH.
Long-term followers who frequently change portfolios have lower returns compared to followers who stick to one portfolio. Do not easily end following based on short-term retracements. Based on the curve chart, retracements are actually good opportunities to start following. Frequent entry and exit will significantly reduce the yield.
Another important potential market opportunity is the “US Presidential Election”. Due to Trump’s strong support for cryptocurrencies in many speeches, the powerful “election meme culture” in the United States has spread to the meme coin market of the cryptocurrency industry. Regardless of TRUMP concept coins, BODEN concept coins, FREE and JUSTICE concept coins related to pardons, or PEOPLE concept coins related to democracy, they have all performed well in the past week. With six months left until the US presidential election, investors can continue to pay attention to the many speculative opportunities of these meme coins.
Based on observations in the past week, the market trend of Solana ecosystem tokens is stronger compared to most other altcoins. It is important to note that among them, “cat-themed” meme coins have attracted the most upward momentum, including MANEKI, MEW, POPCAT, CWIF, WEN, etc. They have achieved gains ranging from 35% to 115% in the past week.
US House of Representatives Passes Crypto Market Structure Bill FIT21
The US House of Representatives passed the “21st Century Financial Innovation and Technology Act” (FIT21) led by the Republican Party with 279 votes in favor and 136 votes against, including 71 Democratic members supporting the bill. The FIT21 bill gives more power and funding to the US Commodity Futures Trading Commission (CFTC) to oversee the cryptocurrency spot market and “digital commodities,” especially Bitcoin. The bill also creates a process that allows digital commodities initially issued as investment contracts to be traded on secondary markets. Stablecoin and anti-money laundering provisions are also included in the bill.
Rumors: Ethereum Wallet MetaMask to Integrate Bitcoin
According to reports from two sources, MetaMask, the most widely used Ethereum wallet, plans to add support for Bitcoin (BTC). The exact timetable is unclear, but one source said that MetaMask may complete the integration within the next month.
US SEC Approves Key Documents for Ethereum Spot ETF, but Investors Still Await S-1 Form Approval
The US Securities and Exchange Commission (SEC) approved the key regulatory documents related to the Ethereum spot ETF on Thursday (May 23), namely the 19b-4 documents submitted by Cboe, NYSE Arca, and Nasdaq, bringing the potential listing of these funds closer. James Seyffart, an analyst at Bloomberg Intelligence, stated on X platform that the approval of another key S-1 document may take a few weeks, but it could be longer. There should be more news in about a week.
Original Shiba Inu Meme Kabosu Passes Away
According to an update shared by owner Sato on her blog, the original Shiba Inu meme Kabosu passed away on Friday morning (May 24). Sato stated that a farewell event for Kabosu will be held on May 26 from 1 PM to 4 PM at the Kaori Flowers store in Narita City, Chiba Prefecture, Japan.
Founder of Friend.tech Suggests Leaving Base Ecosystem, Token FRIEND Plunges Over 20%
Racer, the co-founder of Web3 social network Friend.tech, publicly stated on the community platform today that the relationship between the Friend.tech team and Base has always been unstable. He also expressed willingness to pay $200,000 for a safe migration of Friend.tech to other networks.
Ethereum Plans to Implement Pectra Upgrade in Q1 2025, Covering EIP-7251 and 11 Other Improvement Proposals
After the successful implementation of the Dencun upgrade in March 2023, Ethereum core developers decided during the execution layer meeting that they plan to launch the Pectra upgrade in the first quarter of 2025. Pectra represents Ethereum’s next major update, and this upgrade will integrate Ethereum Object Format (EOF) and cover about 11 improvement proposals that will enhance the performance of the EVM code in Layer 1 and Layer 2.
Kaiko: Grayscale Ethereum Spot ETF May Experience Daily Outflows of $110 Million If Following the GBTC Pattern
The research team at cryptocurrency data provider Kaiko stated that if Grayscale’s Ethereum Trust Fund (ETHE), which has not yet converted to an ETF, follows a similar pattern to its Bitcoin Trust Fund (GBTC) in the first month after conversion, it may experience daily outflows of $110 million.
Regulatory Institutions of Argentina and El Salvador Meet to Exchange Bitcoin Adoption and Regulatory Experiences
The National Securities Commission of Argentina (CNV) and El Salvador’s National Digital Assets Commission (CNAD) held a meeting last week to discuss cryptocurrency adoption and regulatory issues in both countries.
Large-scale Bitcoin Transfers from Mt.Gox-Related Wallets, Officially Confirmed to Prepare for Partial Repayment this Year
Mt.Gox’s related wallets have seen large-scale Bitcoin transfer activities this week, causing panic about potential selling pressure. The official later confirmed in an open letter that these on-chain transactions are preparing for the repayment of creditors on October 31st. However, former CEO Mark Karpelès stated that Bitcoin will not be sold immediately.
The above content does not constitute any financial investment advice. All data is from the GT Radar official announcement. Each user may have slight differences in profits due to different entry and exit prices, and past performance does not guarantee future results!
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