I opened Gate earlier this week when Bitcoin dropped to $59,100 and I continued to wait.
Three things happened during the week. Three things that seem independent but are actually parts of the same story.
First, SpaceX completed the largest IPO in history. $75 billion, a share price of $135, a valuation of $1.78 trillion. The previous largest IPO was Saudi Aramco, which raised $29.4 billion. SpaceX surpassed that by 2.5 times. Many analysts predicted that this massive liquidity pull would drag the crypto market even further down. Capital would flow into SpaceX, out of Bitcoin. The opposite happened. SpaceX announced $1.3 billion in Bitcoin reserves on its balance sheet, and the company became one of the largest institutional names holding publicly traded Bitcoin. Michael Saylor wrote that day: 25% of Mag8 now holds Bitcoin on its balance sheet. Congratulations, Elon Musk.
Secondly, the war between the US and Iran had surpassed 100 days, and the geopolitical pressure that had been stifling markets began to dissipate this week. Trump first canceled the planned attack on Iran. Then he said an agreement was very close. Pakistani Prime Minister Sharif announced that the signature could come within 24 hours. This single announcement propelled Bitcoin up $1,500 in minutes. Brent oil fell by 2 percent. The South Korean stock market rose 8.4 percent in a single day. The MSCI Asia Pacific index experienced its strongest day in two months. Risk aversion ended, and capital returned to risk assets. Thirdly, BlackRock. On June 12th, IBIT bought $57.7 million worth of Bitcoin. On that day, none of the 12 Bitcoin ETFs on the market recorded outflows. For the first time in weeks of selling pressure. Total Bitcoin ETF inflows reached $85 million that day. The strongest daily inflow in four weeks. As a result, the total crypto market capitalization gained $70 billion this week. Bitcoin rose from $59,100 to $63,900, a weekly increase of 5.8%. Ethereum rose 6.4%. XRP rose 4.6%. And following this price movement, Standard Chartered identified the $59,000 level as the bottom of the cycle and reiterated its year-end target of $100,000 for Bitcoin.
But for me, this week said something more than just numbers.
Markets don't move for a single reason. Multiple forces are always at work simultaneously. Geopolitical pressure, institutional flows, liquidity competition, macro expectations. When you can read and combine these separately, the picture becomes clear.
I held my position in Gate throughout this week. I didn't sell when I saw $59,100 because there was no reason to sell. On-chain data was accumulating. Geopolitical tensions were beginning to ease. The liquidity competition from the SpaceX IPO was priced in, but the fact that the company was holding Bitcoin wasn't yet priced in.
Now we have the most critical data of the coming week. The Fed is meeting on June 16-17. The market doesn't expect a rate cut, but the tone of the statement could change everything. A dovish signal, meaning "easing may come soon," would accelerate the recovery that began this week. A hawkish tone, however, could put pressure on a market that hasn't been able to break the 63,000-65,000 resistance level.
65,000 dollars is the first resistance. Unless there is a close above it, this recovery will remain a relief rally. Above 68,000 dollars, the picture changes again.
I've written my plan. I'm following my signals. I'm ready at Gate.
The sentence that best summarizes this week is: The worst day of the worst week hit the bottom. And everyone understood this not on that day, but afterwards.
#MyGateTradeStory
#SpaceXIPOAttractsOver250BillionInOrders
This content is for informational purposes only and does not constitute financial advice.
Three things happened during the week. Three things that seem independent but are actually parts of the same story.
First, SpaceX completed the largest IPO in history. $75 billion, a share price of $135, a valuation of $1.78 trillion. The previous largest IPO was Saudi Aramco, which raised $29.4 billion. SpaceX surpassed that by 2.5 times. Many analysts predicted that this massive liquidity pull would drag the crypto market even further down. Capital would flow into SpaceX, out of Bitcoin. The opposite happened. SpaceX announced $1.3 billion in Bitcoin reserves on its balance sheet, and the company became one of the largest institutional names holding publicly traded Bitcoin. Michael Saylor wrote that day: 25% of Mag8 now holds Bitcoin on its balance sheet. Congratulations, Elon Musk.
Secondly, the war between the US and Iran had surpassed 100 days, and the geopolitical pressure that had been stifling markets began to dissipate this week. Trump first canceled the planned attack on Iran. Then he said an agreement was very close. Pakistani Prime Minister Sharif announced that the signature could come within 24 hours. This single announcement propelled Bitcoin up $1,500 in minutes. Brent oil fell by 2 percent. The South Korean stock market rose 8.4 percent in a single day. The MSCI Asia Pacific index experienced its strongest day in two months. Risk aversion ended, and capital returned to risk assets. Thirdly, BlackRock. On June 12th, IBIT bought $57.7 million worth of Bitcoin. On that day, none of the 12 Bitcoin ETFs on the market recorded outflows. For the first time in weeks of selling pressure. Total Bitcoin ETF inflows reached $85 million that day. The strongest daily inflow in four weeks. As a result, the total crypto market capitalization gained $70 billion this week. Bitcoin rose from $59,100 to $63,900, a weekly increase of 5.8%. Ethereum rose 6.4%. XRP rose 4.6%. And following this price movement, Standard Chartered identified the $59,000 level as the bottom of the cycle and reiterated its year-end target of $100,000 for Bitcoin.
But for me, this week said something more than just numbers.
Markets don't move for a single reason. Multiple forces are always at work simultaneously. Geopolitical pressure, institutional flows, liquidity competition, macro expectations. When you can read and combine these separately, the picture becomes clear.
I held my position in Gate throughout this week. I didn't sell when I saw $59,100 because there was no reason to sell. On-chain data was accumulating. Geopolitical tensions were beginning to ease. The liquidity competition from the SpaceX IPO was priced in, but the fact that the company was holding Bitcoin wasn't yet priced in.
Now we have the most critical data of the coming week. The Fed is meeting on June 16-17. The market doesn't expect a rate cut, but the tone of the statement could change everything. A dovish signal, meaning "easing may come soon," would accelerate the recovery that began this week. A hawkish tone, however, could put pressure on a market that hasn't been able to break the 63,000-65,000 resistance level.
65,000 dollars is the first resistance. Unless there is a close above it, this recovery will remain a relief rally. Above 68,000 dollars, the picture changes again.
I've written my plan. I'm following my signals. I'm ready at Gate.
The sentence that best summarizes this week is: The worst day of the worst week hit the bottom. And everyone understood this not on that day, but afterwards.
#MyGateTradeStory
#SpaceXIPOAttractsOver250BillionInOrders
This content is for informational purposes only and does not constitute financial advice.
