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The market is still in a game stage of macro bearish and reverse allocation of on chain funds. The latest CPI data released by the United States shows a year-on-year increase of 4.2%, reaching a new high since April 2023; The core CPI increased by 2.9% year-on-year and 0.2% month on month. Although the overall data meets market expectations, energy prices have increased by 23.5% year-on-year, reflecting the ongoing input inflation pressure brought about by the Middle East situation. For the market, the biggest impact of this CPI is not the data itself, but further suppressing the expectation of the Federal Reserve cutting interest rates. The longer the high interest rate environment lasts, the more unfavorable it is for the liquidity of risky assets such as the cryptocurrency market. However, in sharp contrast to the cautious sentiment at the macro level, on chain funds are continuously increasing their holdings. According to AiCoin data, the current BTC-ahr999 hoard index is at 0.4393, entering the traditional "bottom buying range"; The Fear and Greed Index (FGI) is at 12, indicating that the market is in a state of 'extreme fear'. At the same time, the super whale address bc1q2... Today, 618 BTC worth approximately $38.02 million were extracted from OKX, and the cumulative holdings have increased to 2341 BTC worth approximately $144 million. On the other hand, Tom Lee's Ethereum treasury company BitMine has bought 125000 ETH in the past three days, with a total investment of over 200 million US dollars. At a time when the market is concerned about high inflation and delayed interest rate cuts, institutional funds are still continuing to absorb chips. From the current structure, the market is showing significant differentiation: At the macro level, high inflation suppresses risk appetite; On the emotional level, the fear index drops to the extreme region of 12; On the financial front, whales and institutions are consistently buying at low levels. This deviation phenomenon of "emotional panic and fund suction" is often one of the important characteristics of the market bottoming out stage. In the short term, BTC is still in the recovery stage after a sharp decline, and the area around 61500 USDT is still a key observation area in the market. If the key stress level can be re established in the future, emotions are expected to be further repaired; If the support is lost, we need to be alert to the risk of a second bottoming out. Risk Warning: The above content is only for market information sharing and does not constitute any investment advice. The market is risky, and investment needs to be cautious.