• Hello, how are you all grateful for another beautiful day of life that God has granted me? Yesterday we had the second largest inflow of money in history into the Bitcoin spot ETFs, touching almost 900 million dollars in a single day and that is according to We are learning the latest economic data that shows an economy that is cooling, employment data that is getting worse and the evil of politicians..

"Second largest inflow of money into Bitcoin spot ETFs in history, reaching almost $900 million in a single day.."

photo edited in canva. source

• Confidence in the traditional financial system is going down due to all of this. The only thing missing was a report that points out the possibility of multiple bankruptcies in the banking sector and bitcoin is aiming and approaching historical highs, so we will review this and much more in today's post. Let's see. the mess

• First it was the United States then.

• Hong Kong Yesterday was

• Australia and now it is

• Thailand approves its first spot Bitcoin ETF And according to "Bangkok" post, the Thai SEC authorized a local manager to launch Thailand's first Bitcoin ETF limited to wealthy investors or institutions for their part.

Here in Europe the Deutch Bank ?

• It is the first major European bank that will make it easier for its clients to buy and sell Bitcoin and for this it is partnering with Bit Panda to offer cryptocurrency payment services. The objective of all this is to facilitate Deutch Bank clients' access to Cryptocurrencies improving the adoption and use of these assets in a traditional Banking environment.

• The capital inflow into the Bitcoin spot ETFs was the second-largest net inflow in history in a single day since the creation of the Bitcoin spot ETFs. Even Gray Scale saw net inflows of $28 million, and yesterday in In total, almost 900 million dollars entered bitcoin and be careful with Fidelity, which receives an entry of 379 million ahead of Black Dr, which receives 274 million and now the Total value of the net assets of the ETCs of Spot Bitcoin already exceeds $61 billion and there is also another one that is celebrating and that is that the Black Rock Bitcoin ETF becomes the fastest spot ETF in history to exceed $20 billion.

• But on the other hand, according to onchain metrics, active Bitcoin addresses have fallen to their lowest level in the last 5 years and after the Halving this reduction in the number of active addresses due to the increase in transaction rates and congestion of the network And the increase in commissions is due in part to new protocols like Runes that have affected the usefulness of Bitcoin for these daily transactions causing a notable decrease in network activity, another effect of Halvin is that the Bitcoin mining company Bitfarms has presented its revenues and these have fallen 45% compared to the previous month reaching $7 million in the first full month after the Bitcoin Halving took place and this decrease reflects the significant impact of the Halving in the profitability of mining since the halving of the rewards directly affects the income of the miners and Bitfarm, like other mining companies, faces additional challenges to be able to maintain this profitability in this new economic environment since it will surely These mining companies realize that Bitcoin is attacking all-time highs.

• Now it seems that in Defi things are different. And in Ave, the protocol that is dedicated to lending and borrowing cryptocurrencies in a decentralized way, net deposits have exceeded the figure of 20,000 million dollars. Pay attention to the money that is moving outside. of traditional and centralized finance and Be careful with this because Uniswap is preparing to publish important information and the community is speculating about a possible agreement with the Sec REMEMBER that it received a notice from Wells so the thing is speculated that I could go here and in fact these are being triggered last hours the token.

• The economy this week, which is employment data week, there is not a day where we do not know one of these and yesterday it was the turn of the JOLS job offers in the United States and these disappoint and once again they appear below expectations And the fact is that the JS offers for the month of April appear 8,060 million compared to 8,356 the previous month and this fall despite the fact that they also revised downwards the Jolls offer from last March, which is why it alerts for employment because it seems clear that the Job creation is slowing down, so pay close attention to the data that we will know on Friday regarding non-agricultural payrolls, but with this data the bond yields dropped and of course also the fall of the dollar and also after this weak employment data and After the latest bad economic data the
  probability of a rate cut for the month of September increases and is close to 70%.

• But the employment data is not something for the United States because yesterday we also learned the employment data from Germany and unemployment is rising sharply because of this data. Yesterday the European stock markets fell precipitously due to the unemployment data collected in Germany as well as the recent bad economic data that raise fears of an economic decline worse than expected in the respected and experienced continent.

Is there a recent FD report ?

• There is an alert that there are more than 70 banking entities in the United States that are already on the verge of going bankrupt, which the Federal Deposit Insurance Corporation of the United States of America currently has more than 550 billion printed dollar bills without generate profits. On the paper that is in the hands of the banks, the demand for mortgages is at the lowest level in the last 30 years and household debt does not stop increasing and has already reached records of 17.7 trillion dollars, it is not surprising Seeing these things, the loss of confidence in the traditional financial system is increasing and interest in alternative assets like bitcoin is increasing.

photo edited in canva. source

• This is a sufficiently important and weighty event for the Sec to swerve and make certain movements that today it is not commenting on as a surprise drop in interest rates and of course economic stimuli or other aid or patch for the banking.

• Yesterday, Tesla shares fell almost 1%. According to internal company documents, Elon Musk ordered Nvidia to divert the shipment of thousands of artificial intelligence chips that were reserved for Tesla, as he would send them to Twitter and the platform. Artificial Intelligence and shareholders have not liked this due to a possible conflict of interest because this move by Mask seems to show that he would be taking advantage of Tesla's resources to benefit his other companies.

• Of course, Mask later commented that this move was simply because Tesla did not have space to store so many chips and that is why it is diverting them to another site, whether this is true or not, apart from this, we know how gugenheim decreases Tesla's rating for sale and marks it as price target $6 from 174 currently.

• Now moving on to Ford, which yesterday dropped 131 when yesterday it commented that its car sales in the United States have increased by 11% in May compared to the previous year and finally Apple, which yesterday is practically flat because it is leaked that it would be holding talks with China Mobile to bring Apple TV Plus to China and if this goes ahead and finally passes Apple would be the only American streamer available in China and as always I tell you that to operate all these markets stocks Currencies commodities Bitcoin Etherium and Company I use the Fury broker.

• This index is at 75% in the greed zone And we see how Bitcoin and Company are pressing the high side and approaching historical highs and for today, Wednesday is the PMI Battery Day and we have started knowing the PMI in both Japan like from China.

• The pemi of services that both appear above what was expected so it is good news but today apart from this we will also know the pemi of services of Spain of the Euro zone of the United Kingdom and the United States, attention above all to the ism of the United States United because it could be another data that confirmed that the United States economy is cooling and apart from this, also remember that it is a week of employment data and today we will know the employment data adp the private employment data in the United States and finally oil inventories apart from more statements from members of central banks.

• Remember that tomorrow is interest rates in the European Central Bank but today there are interest rates in Canada at 3:45 Spanish time and a drop of 25 basis points is expected in principle and this could be the first large Central Bank in announce a rate cut and perhaps open the way for those who can come starting tomorrow.

• The markets are beginning to breathe the possibility that we may not have such a robust economy, an economy with a soft landing, and this change in approach is what seems to be starting to discount the Russell 2000 indices, which is the one that is weaker if it is. We compare with the NASDAQ and the SP500. yesterday the bond yields fell and also the equities that at the last minute were able to rebound and end up putting a damper on the day and despite these falls in bond yields the small and medium-sized companies that should be seen
  beneficiaries are also falling and all this This divergence is very likely due to this shift in mentality towards an economy that could show signs of possible recession.

• Also at a global level, bond yields are declining due to the economic weakness that is beginning to be seen in many data and this is causing the rebound in bonds.

photo edited in canva. source

The question is if yields are falling and indices like the Russell are falling, why are the big ones still holding up ?

• We already commented days ago that we are in a very key area because they were the minimums that we saw in October 2022 before the strong injection and the strong rebound of the markets, also the minimums of November 2023 that stopped the fall that was taking the market and began to liquidity and also the markets to rebound and now we had made a minimum below these two minimums and liquidity needed to rebound so that the market could at least withstand these levels and if we want to see an attack on maximums again, we need the liquidity rebound because it seems that it is doing it again and this could be this sign of Why with bad economic data that the bad news is not so good for the stock market with all this bad data we are seeing how small and medium-sized companies are falling when rate cuts are in sight.

Why do the big ones continue to hold on ?

• And for now the only answer we could hold on to is that liquidity little by little seems to be returning to the markets. We are seeing a massive exit of bitcoin from the exchanges. Apart from this, this coincided with an accumulation of whales very similar to what was observed in 2020 before. of the Explosion of Bitcoin from 10,000 to 64,000 Well, this is just what we needed to see is these latest bad economic data that we are learning that are showing an economy that is cooling And on top of that The devastating report from the fdic according to which there is a high risk that Let's start to see massive bankruptcies in the banking sector. Well, all of this is input so that an asset like bitcoin can receive an influx of money that flees to protect itself and diversify against all these risks in alternative assets.

• As this case is bitcoin and at the graph level there was no entry of direction entry of momentum but we are beginning to see accumulation of whales massive exit of bitcoin from the exchanges bad economic data yesterday We saw a massive inflow of money to the ETFs of Bitcoin in cash and all this is beginning to stress at the top of this Range and approaching the historical maximums marked at 74,000 of the 67,000, so pay attention to a possible attack on historical maximums in the 74,000 area. And now By breaking this upper part we could see some rejection in this block of the area where it is currently.

• But this block did not confirm any structural break so we hardly see a very bearish projection so any retracement from this area are good entries to build positions in order to attack the historical highs so in any retracement from this level it will be I will take the opportunity to attack high areas with a projection of the historical highs of 74,000, which in itself seems to be somewhat weaker than that cium that does not manage to break precisely this boxed-in Range despite the fact that it still holds all the momentum of the eo of the statement of approval of the Badly counted candle ETF and we are still at the high end so it may simply be that it is loading the dock before starting to break levels that I already told you that as it begins to break the 3840 level it would confirm this movement in bitcoin and also surely Let's plan scenarios to attack the high part of 4100 and start facing the all-time highs.

Attention to the total 3 of the altcoins that begins to bounce again facing the upper part of 760,800 billion

• And this is good news Because if we look at bnb, pay attention to making historical highs and its market value once again exceeds 100,000 million dollars, which we have not seen since December 2021. And if you look at the graph weekly we surpass the historical highs marked precisely in May 2021 after this accumulation in the shape of a triangle We exit through the upper part and at the daily level any return to the upper part of this Range of this triangle or of this level broken in the 640 zone It would be a good position construction point to continue breaking historical highs.

Conclusion.

• THE lack of confirming actions because the best buy zone according to the structure is the 6,580 zone after the great taking of weekly maximums that we saw on Monday we would start on Tuesday Wednesday approaching the middle zone pending these important events such as the announcement of tomorrow from the European Central Bank, if it lowers, it does not lower rates and above all the message it gives because this strength of the euro and European bonds makes one think about the possibility of that scenario of no lowering of rates or of 25 basis points of lowering and not touching plus interest rates throughout 2025 so it is possible that we will see a Wednesday as well as Tuesday of correction of these levels rebalancing the entire central part of the xi and coming to look for the opening of the week while waiting for these events Perfect important macro.

Vote @bangla.witness as lead witness please.

information web https://es.cointelegraph.com/tags/bitcoin

My Discord oscardavid79#0846

My Twitter @oscardavid79

Thank you for reading me grateful.....

^{Image modified in canvas .}

Let's remember to comment on my publication, I will gladly answer you.

This article is written by @OscarDavid79 free of copyright

Weekly account #3 Thursday, June 6, 2024 / time 11:24 am.