As the “London Upgrade” approaches, Ethereum and its ecosystem leaders are performing well

As the Ethereum London upgrade approaches, Ethereum and its ecological leading projects are performing well. Data shows that the Ethereum reserves of all exchanges have reached a 2.5-year low, indicating that whales are hoarding Ethereum in large quantities. The Global DeFi Alliance has proposed six recommendations to the FATF to regulate the DeFi industry, which will have a far-reaching impact on DeFi's move towards traditional finance. This afternoon, according to official news, the Operation Management Department of the People's Bank of China and the Beijing Financial Management Bureau issued a risk warning on preventing virtual currency trading activities today. Affected by this news, the price of encrypted assets may be suppressed, and market panic will reappear.

From the data on the chain, the number of BTC whale addresses has stabilized and rebounded. Overall, BTC whales show signs of increasing their holdings when the price of the currency falls. From the technical chart, BTC fell sharply yesterday, once breaking through MA5, MA13 and other moving averages, and further attacked today. It is currently blocked by MA30, and the market is in a fierce game between long and short positions. It is worth noting that ETH and Ethereum's ecological leaders are strong, funds show signs of bottom-fishing, and the overall performance of the market bulls is strong. The important resistance level above BTC is $36,000, and the support level below is $30,000.

summary

1. As the Ethereum London upgrade approaches, Ethereum and its leading ecological projects are performing impressively.

2. According to OKEx market data, BTC fell sharply yesterday, once falling below MA5, MA13 and other moving averages, and further attacked today. It is currently blocked by MA30, and the market is in fierce competition between long and short positions. The important resistance level above BTC is $36,000, and the support level below is $30,000.

3. More and more Bitcoin mining machines are being turned on, but with the rise in BTC prices, miners' selling sentiment has also increased, which will create certain pressure on BTC's future upward trend.

4. The amount of BTC locked in DeFi increased by -150 BTC compared to yesterday, and the number of BTC whale addresses stabilized and rebounded. Overall, BTC whales showed signs of increasing their holdings when the price fell, which is conducive to the stabilization and recovery of BTC.

5. Market panic has increased, off-site attention has increased, and on-site buying power has decreased. There are signs that bulls are getting stronger.

6. Short positions in the contract market have a slight advantage, the number of BTC long and short positions fluctuates higher, and the short-term bullish sentiment in the market has increased.

7. Today, most of the mainstream crypto indices in the crypto market rose, among which the mainstream index by market capitalization rose relatively significantly. There were signs of certain capital inflows, and the bullish sentiment in the market increased.

1. Macro Market and Cryptocurrency News

Sassano, founder of EthHub, said that the London upgrade date of the ETH mainnet is expected to be discussed at the core developer meeting over the weekend. Data shows that the Ethereum reserves of all exchanges have reached a 2.5-year low, indicating that whales are still hoarding a large amount of Ethereum. The Global DeFi Alliance has made six recommendations to FATF to regulate the DeFi industry.

Although Bitcoin has been suppressed by many governments, the support and development of blockchain technology has remained consistent. Securities Daily published an article saying that industrial blockchain is booming. Recently, the State Internet Information Office compiled the "Digital China Development Report (2020)", which fully affirmed the achievements made by my country in blockchain technology and applications.

Indian Finance Minister Nirmala Sitharaman said that the Ministry of Finance has done a lot of work for the "Cryptocurrency and Official Digital Currency Regulation Bill 2021" and the cabinet document is ready. We have to see when the cabinet can accept and consider it so that we can take action. If India legalizes cryptocurrency, it will also have a far-reaching impact on crypto assets. Bitcoin whale addresses accumulated 60,000 BTC in a single day on July 3, setting a record in 2021, which shows that the giant whales are still optimistic about the market outlook.

This afternoon, the Business Management Department of the People's Bank of China and the Beijing Financial Regulatory Bureau issued a risk warning on preventing virtual currency trading activities. As a result, the price of cryptocurrencies may be suppressed and market panic will reappear.

2. Technical Analysis

According to OKEx market data, BTC fell sharply yesterday, once falling below MA5, MA13 and other moving averages, and further attacked today. It is currently blocked by MA30, and the market is in fierce competition between long and short positions. It is worth noting that ETH and Ethereum's ecological leaders are strong, funds are showing signs of bottom-fishing, and the overall performance of the market bulls is strong. The important resistance level above BTC is $36,000, and the support level below is $30,000.

3. Miner Cumulative Indicators

According to Bytetree data, from the cumulative data of miners' production and selling, it can be seen that with the rise in BTC prices, miners' selling volume has increased, and miners' production volume has also rebounded significantly, with miners' net accumulation of 89 BTC in 24 hours. This shows that more and more Bitcoin mining machines are being turned on, but with the rise in BTC prices, miners' selling sentiment has also increased, which will put some pressure on BTC's future upward attack.

4. On-chain indicators

According to Oklink data, by observing the number of whale addresses on the BTC chain, it can be found that the number of BTC whale addresses has stabilized and rebounded, and the support below BTC has continued to strengthen. As of 16:00 today, the locked amount of BTC anchored assets in DeFi was 262,570 (262,725 yesterday), and the net increase of BTC locked in DeFi was -155 BTC compared with yesterday. Overall, the net increase of BTC locked in DeFi was -150 BTC compared with yesterday, and the number of BTC whale addresses has stabilized and rebounded. Overall, BTC whales have shown signs of increasing their holdings when the price of the currency falls, which is conducive to the stabilization and recovery of BTC.

5. Fear Index and Buy/Sell Strength Index

According to alternative.me data, today's panic and greed index is 20 (yesterday's 29), the market panic has slightly decreased, and the overall market is still pessimistic. According to Baidu search index, the search volume of Bitcoin has increased slightly, and the market attention has increased. According to the Toronto Stock Exchange data, BTCC's full-day trading volume is 47399 (yesterday's 238986), and the BTCC trading volume has dropped sharply; Grayscale GBTC premium rate is -8.51% (yesterday's -8.5%). According to coin data, as of 16:00 today, BTC's current funding rate is +0.003% (yesterday's +0.002%); the current Bitcoin RSI 14 (relative strength index) is 48.61 (yesterday's 46.75), and the buying power in the market has slightly increased. Overall, the market panic has increased, the off-site attention has increased, the buying power in the market has also decreased, and there are certain signs of strengthening of the bulls.

6. Contract Indicators

According to coin data, as of 15:00, the ratio of long and short positions of BTC in the entire network was: long 48.92%, short 51.08%, with short positions slightly dominant. According to OKEx contract data, on the hourly chart, the ratio of long and short positions of BTC fluctuated higher, and the short-term bullish sentiment in the contract market increased slightly. Overall, the short positions in the contract market slightly dominated, the ratio of long and short positions of BTC fluctuated higher, and the short-term bullish sentiment in the market increased.

7. Mainstream assets and popular currencies

According to Chainext data, most of the mainstream crypto indexes in the crypto market rose today, among which the market capitalization mainstream index rose relatively significantly, there were signs of capital inflow, and the market bullish sentiment increased. Currently, within 24 hours, among the top 100 cryptocurrencies, the top five currencies with the highest increase are: KCS (42.8%), OMI (37.0%), SNX (35.5%), COMP (22.6%), and AAVE (22.1%).