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6.12 Concubine: Followed Bitcoin and dipped a bit, but still a weak chicken, rebounds just empty
$ETH
Brothers, today the concubine finally followed Bitcoin and took a sip of soup, rebounding from yesterday's low of 1603 all the way to around 1670, nearly a 70-point increase in 24 hours, with a higher gain than Bitcoin itself. But I must say: this is purely a follow-the-leader rebound, not a reversal. The fundamental situation of the concubine is much worse than Bitcoin’s, the higher it rises, the harder it falls afterward.
Entry: 1690-1720 range, with a bull flag at 1755, watch 1650-1600
Ethereum spot ETF has been continuously outflowing for over three weeks, with a total escape of over 1.3 billion USD. Institutions are fleeing more decisively than Bitcoin, showing no sign of turning back.
Funds are crazily shifting towards Bitcoin, which now accounts for 59%. The concubine is now like a child nobody cares for—rising when it rises, leading the decline when it falls.
The previously hyped Glamsterdam upgrade is basically confirmed to be delayed until the third quarter. The only bullish catalyst has also completely cooled off, with no hope in sight for the rest of the year. #美伊冲突升级