The volume and price of BTC have shrunk, and short-term market risks have intensified
CryptoCompare, a digital asset data provider, said in an August crypto report that traded Bitcoin derivatives on the Chicago Mercantile Exchange (CME) CME in August was $5.9 billion, down 26.7% from July. Grayscale’s Bitcoin Trust product (GBTC) also saw a decline in transaction volume, with only $1.14 billion in August, a 42.4% decrease from July.
CME is the most compliant BTC derivatives exchange, and Grayscale is the world's largest cryptocurrency asset management company. The decline in their trading volume in August is actually very telling, representingDigital currency market, weakening of incremental funds。
In the absence of incremental funds, it is a game between the existing funds on the market, as evidenced by the overall shrinkage of the market in the past one or two months. The market in the spot market is not popular, and funds are profit-seeking. How to make money can only be competed in the futures market.
Marketers who want to harvest can only deploy in the futures market. Retail investors want to pay back their capital, which increases the frantic demand for contracts. Facing the status quo of inactive trading, exchanges can only compete to launch futures contract products. All kinds of KOL analysts can only make money through Bring a single small exchange contract to get a commission, this isIn the current market, the reason why the futures market dominates the spot market is that the sharp decline, slow rise, and short-term ups and downs are just the realization of the market under the premise。
Can the launch of the Bakkt spot delivery contract change this situation?There is basically no hope in a short period of time, and it will not bring a large amount of incremental funds that can affect the overall market structure. It is just a reshuffle in the existing contract market. For traditional funds, prudence, risk avoidance, and the pursuit of stable returns are the key points. It is in line with their interests to maximize their demands to wait and see first, and then slowly enter the market.
In the medium and long term, there is no doubt that incremental funds will enter the market, but in the short term, for us in the market, we are just looking forward to quenching our thirst and need to save ourselvesthe most important is,
the most important is,Operation suggestion:
Operation suggestion:
BTC: 4-hour level, the K-line is arranged in a short position, and the MACD is dead cross. In the short term, you need to pay attention to the risk of continued decline in the market. The weak support of 9900 US dollars is difficult to hold. Once the market is heavy, pay attention to the support strength of 9300-9500 US dollars. The key point for a short-term breakthrough is at 10,450 US dollars, and the rebound that fails to break through this point is just a trial. At this stage, we mainly wait and see, waiting for the change to come.
ETH: Daily level retracement trend, pay attention to the short-term support of 200-205 US dollars, the risk of falling below the MA60 daily moving average support (197 US dollars) increases, and the short-term chips are mainly on the sidelines of reducing positions at high positions.
LTC: The daily level is negative for 4 consecutive days, and the short-term trend is weak. Pay attention to the support around $70. If it falls below, be careful to avoid risks.
BCH: Short-term retracement trend, pay attention to the support of 300 US dollars, and the strong support below is 290 US dollars.
EOS: After a short-term rebound yesterday, it fell below again. In the short term, it continued to fluctuate in the range of 3.8-4 dollars. The risk of falling below 3.8 dollars intensified, and the short-term strong support was in the range of 3.5-3.7 dollars.
XRP: The short-term retracement is relatively large. If the daily support of 0.28 US dollars cannot be successfully recovered, it will face the risk of falling, and the lower support is 0.25 US dollars.
TRX: There was a slight rebound in the short term, but it still failed to effectively break through the recent high of $0.0185, and fell back after a high. The reason for the rise is that Justin Sun announced a new plan for the TRON Proof-of-Stake (Pos) mechanism, with a short-term support of $0.0165.
ETC: The short-term volatile downward trend is suppressed by the MA60 daily moving average, and the daily line supports the range of 5.3-5.6 US dollars.
Platform currency: The overall trend is fluctuated and consolidated, keeping pace with the broader market. In the short term, pay attention to the support points of each platform currency. BNB is at 19.5 US dollars, and the risk of falling below 18 US dollars will intensify; HT short-term support is 3.7 US dollars, OKB short-term strong support is 2.3 US dollars, GT short-term support is 0.7 US dollars.
Altcoins: The overall trend is not good, wait and see, even if you want to operate, you can only fast in and out in the short term, and stop losses in time. Recently, Beam was listed on Binance, with a short-term increase of 36%, but then quickly fell back, reflecting thePositive factors have had little impact on altcoins. The currencies listed on Binance, Coinbase, Upbit and other exchanges last year can double or even several times the income. However, under the severe situation of the overall environment this year, the impact of many benefits of altcoins on the currency price is only short-term. Time, on the one hand, when the news hits the ground, it is necessary to consider escaping from the top, on the other hand, it also shows thatThe liquidity of altcoins is very poor, and the selling pressure is very heavy, and everyone is waiting for a rebound to ship. thereforeBefore the market as a whole improves, it is difficult for altcoins to have a market for a long period of time, this is the reality that we need to deeply understand.
