I finally fell asleep in the morning after tossing and turning, and when I woke up, it was already afternoon. I checked the price of $BTC; although my long position has started to profit, it’s still a bit below expectations. Considering the low liquidity over the weekend, I have some concerns, so let’s go through the three points again.

First: There haven’t been any new events on the macro front. Trump went to Scotland, and the tariff issues are slowly retreating. At least in the last 12 hours, I haven’t seen any new information. There are no issues with monetary policy either, especially since Trump’s visit to the Federal Reserve building where Powell slapped him down seems to have warmed their relationship a bit. Moreover, the US stock market continues to rise, so there are no problems.

Second: The decline in Bitcoin is likely still a remnant of the ancient whales. From the exchange stock data, it shows that a maximum of 22,000 BTC was transferred in yesterday, and now there are less than 2,000 left, which has almost been digested. This indicates that the waiting sell-off has significantly decreased.

Third: From the detailed data, as mentioned yesterday, this portion of BTC was transferred to #Binance, #OKX, and #Bybit. However, the stock decline at these three exchanges is not ideal. Binance still has over 10,000 newly transferred BTC that hasn’t been digested, Bybit has about 4,000 that remains undigested, and only OKX is slightly better with nearly 3,000 BTC still not digested. The decline in exchange stock is mainly due to #Coinbase investors continuing to buy.

It seems that American investors are still making efforts to bottom out Bitcoin, while Asian investors are clearly maintaining a low purchasing power. Currently, although Americans are buying strongly, the three exchanges still hold over 17,000 newly transferred BTC, indicating that this portion of sell-off may not be over yet.

However, the bottom price has become quite apparent. It seems that the firmness of $115,000 is still decent. Once this portion of chips is consumed, we should be able to return to the previous range, of course, assuming there are no new negative factors. So I will continue to hold my long position.

This article is sponsored by #Bitget ｜ @Bitget_zh

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