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Market Analysis – Is Ether overtaking Bitcoin’s market dominance?
Binance Copy Trading Analysis
GTRadar – BULL
GTRadar – Balanced
Market Potential Opportunities
US Election Meme Coins
Solana Ecosystem Cat Meme Coins
Focus News
This week, the price of BTC has fluctuated due to the news of the approval of the Ethereum spot ETF and the repayment of 142,000 bitcoins by Mt.Gox. The overall trend is still within a large range, with support at $66,000 and resistance near $71,000. There is not much trading value, and this week’s report will still focus on the trend of ETH.
Last Friday, the documents for the Ethereum spot ETF were officially approved by the U.S. Securities and Exchange Commission (SEC). These documents include the key 19b-4 forms for spot Ethereum ETFs issued by multiple issuers, including BlackRock, Fidelity, and Grayscale. 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 market’s original “rejection expectation,” this is undoubtedly a major positive development.
Therefore, after this news was released, the price of Ethereum immediately showed a significant increase. As of now, Ethereum has gained 28.26% in May, recovering the 17.35% decline in April.
Compared to Ethereum, although the net flow of Bitcoin spot ETF has remained stable in the past week, another event that could cause market panic has emerged, which is the “repayment of 142,000 bitcoins by Mt.Gox.” Although these bitcoin claims have likely changed hands multiple times in the OTC market and may not have as big an impact on the market as it seems, the release of “9.7 billion US dollars worth of bitcoins” will still cause panic in the market and may become a tool for major players to harvest contracts, thereby affecting the momentum of further bitcoin growth.
Looking at the monthly charts of these two mainstream coin trading pairs, they have successfully held the support and broken through the key resistance level. This downward trend line has not been broken since August 2022. Although the monthly chart has not closed yet, this trend still has a certain reference value. If Ethereum can continue to benefit from the full approval of the Ethereum ETF, Ethereum may continue to break through in this upward trend and continue to outperform Bitcoin next month, leading to a shift in market dominance to Ethereum. On the other hand, thanks to the surge in Ethereum, Ethereum ecosystem coins have also experienced significant gains, such as LDO, PENDLE, ENS, and ETHFI. If Ethereum can continue to attract market attention, these coins will also benefit to some extent.
GTRadar – BULL and GTRadar – Balanced have had a -3.36% and -1.96% return in the past 7 days, respectively. The returns for the past 30 days are +1.5% and -2.04%, respectively.
In the past week, both portfolios benefited from the price increase after the positive news about the 5/20 ETF, but the market subsequently experienced a significant decline after the ETF was approved on 5/23, and the profits of both portfolios were given back.
In recent waves of increases, unlike the general market trend of overall increase, the market has focused on a few coins, and the remaining value coins or traditionally classified as blue-chip coins have not performed well, or even declined. This phenomenon may become the norm in the future. Therefore, the team is currently evaluating whether to concentrate funds and strategies on BTC, ETH, SOL, and a few other hot market coins to maximize profits.
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 consistently stick to one portfolio. Do not easily end the following due to short-term retracements. From the chart, retracements are actually good opportunities to start following, and entering and exiting frequently will significantly reduce the return rate.
Another important potential market opportunity is the “U.S. 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. Whether it’s TRUMP representing Trump, BODEN representing Biden, or FREE and JUSTICE representing the concept of pardons, or PEOPLE representing democracy, they have all performed well in the past week. With six months until the U.S. election, investors can continue to pay attention to the many speculative opportunities in this series of meme coins.
In the past week, it can be observed that the market trend of Solana ecosystem tokens is stronger compared to most other altcoins. It is worth noting that among them, “cat-themed” meme coins have attracted the most upward momentum, including MANEKI, MEW, POPCAT, CWIF, WEN, and more, achieving gains ranging from 35% to 115%.
The U.S. House of Representatives approves crypto market structure bill FIT21
The U.S. House of Representatives passed the Republican-led “21st Century Financial Innovation and Technology Act” (FIT21) with 279 votes in favor and 136 votes against, with 71 Democratic members supporting the bill. The FIT21 bill will give the U.S. Commodity Futures Trading Commission (CFTC) more power and funding 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 suggest that Ethereum ecosystem wallet MetaMask plans to integrate Bitcoin
According to CoinDesk, the most widely used Ethereum ecosystem wallet, MetaMask, plans to add support for Bitcoin (BTC). The exact timeline is not yet clear, but one source said that MetaMask may complete the integration within the next month.
SEC approves key documents for Ethereum spot ETF, but investors still need to wait for S-1 form approval
The U.S. Securities and Exchange Commission (SEC) approved the key regulatory documents related to the Ethereum spot ETF on Thursday (23rd), namely the 19b-4 documents submitted by Cboe, NYSE Arca, and Nasdaq exchanges, bringing these funds one step closer to potential listing. Analyst James Seyffart from Bloomberg Intelligence mentioned on the X platform that the approval of another key S-1 document may take several weeks, but it could also take longer. More news is expected in about a week.
Meme coin icon Kabosu, the original Dogecoin meme, has passed away
According to an update shared by owner Sato on a blog, the original Dogecoin meme icon Kabosu passed away on Friday morning (24th). Sato stated that a farewell event for Kabosu will be held on May 26th from 1 pm to 4 pm at Kaori Flowers, located in Narita City, Chiba Prefecture, Japan.
Friend.tech founder hints at leaving Base ecosystem, FRIEND token drops over 20%
Racer, co-founder of Web3 social network Friend.tech, publicly stated on a community platform today that the relationship between the Friend.tech team and Base has always been unstable. Racer also mentioned being willing to pay $200,000 for a safe migration of Friend.tech to another network.
Ethereum plans to implement the Pectra upgrade in Q1 2025, covering 11 improvement proposals including EIP-7251
After the successful implementation of the Dencun upgrade in March 2023, Ethereum core developers have decided during the execution layer meeting to plan for 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 approximately 11 improvement proposals, enhancing the performance of the EVM code in Layer 1 and Layer 2.
Kaiko: If Grayscale Ethereum spot ETF follows GBTC mode, it may experience a daily outflow of $110 million
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 a daily outflow of $110 million.
Regulatory agencies from Argentina and El Salvador meet to exchange experiences on Bitcoin adoption and regulation
The National Securities Commission (CNV) of Argentina and the National Digital Assets Commission (CNAD) of El Salvador held a meeting last week to discuss cryptocurrency adoption and regulatory issues in both countries.
Large-scale Bitcoin transfers related to Mt.Gox, official confirmation: Preparation for partial repayment this year
There has been a large-scale movement of bitcoins in wallets related to Mt.Gox this week, causing panic about potential selling pressure. The official later confirmed in an open letter that these on-chain transactions were in preparation for the repayment to creditors on October 31st. However, former CEO Mark Karpelès stated that the bitcoins will not be sold immediately.
The above content does not constitute any financial investment advice. All data comes from GT Radar’s official announcements, and there may be slight differences for each user due to different entry and exit prices. Past performance does not guarantee future results!
