BTC $62,755.71 -1.24%
ETH $1,875.01 -0.75%
BNB $606.24 -0.70%
XRP $0.9889 -2.15%
SOL $75.00 -1.74%
TRX $0.3323 -0.58%
DOGE $0.0697 -0.76%
ADA $0.1785 -2.19%
BCH $203.27 -1.52%
LINK $8.94 +0.78%
HYPE $56.10 -2.51%
AAVE $85.28 -3.69%
SUI $0.6754 -1.89%
XLM $0.1566 -1.95%
ZEC $490.36 +0.62%
BTC $62,755.71 -1.24%
ETH $1,875.01 -0.75%
BNB $606.24 -0.70%
XRP $0.9889 -2.15%
SOL $75.00 -1.74%
TRX $0.3323 -0.58%
DOGE $0.0697 -0.76%
ADA $0.1785 -2.19%
BCH $203.27 -1.52%
LINK $8.94 +0.78%
HYPE $56.10 -2.51%
AAVE $85.28 -3.69%
SUI $0.6754 -1.89%
XLM $0.1566 -1.95%
ZEC $490.36 +0.62%

aft

All
Article
Flash

Garrett Jin: Hynix has rebounded to the profit-taking zone, planning to buy on Bitcoin's pullback, and be cautious of the remaining unlocks after SpaceX's short squeeze

Garrett Jin released this week's market report, characterizing the rebound in the South Korean market as a wide-ranging fluctuation rather than a new trend. SK Hynix rebounded continuously after retesting the 1.42 million won area, closing up 5.9% at 1,593,000 won. The KOSPI has risen 20% from the July low, entering a technical bull market, but foreign capital has not shifted to long-term holdings, and the drag from leveraged ETFs remains. Garrett Jin set the first profit-taking level at $1,150 (approximately 1.63 million won), with the next target at $1,300 (1.85 million won).Garrett Jin also noted that gold recorded its strongest weekly gain since January this week at +7.8%, priced at $4,388. The driving factors were a decrease of 23,000 in July non-farm payrolls and a moderate CPI that dampened September rate hike expectations. However, it is currently overbought in the short term, and a pullback could present an opportunity for incremental accumulation. Bitcoin has shown no response to the same macro-positive factors, remaining trapped between the support at $62,500 and resistance at $65,000-$70,000, with the bottom structure since $57,700 gradually being built. Garrett Jin will wait for the next buying opportunity after a pullback.Regarding SpaceX, Garrett Jin believes the recent performance is a classic case of "bad news fully priced in + short squeeze," with the unlocking itself becoming a washout rather than the starting point of a decline. However, the unlocking window has not yet ended, with an additional 319 million shares to be unlocked, approximately 700 million shares each in September and October. The current range up to $160 is a profit-taking zone rather than a high-entry zone.

first_img Arkham: Bitmine ETH holdings are approaching the 5% target, and after reaching the target, it is most likely to slow down buying rather than stop

According to Arkham Research, Bitmine, the world's largest Ethereum treasury company, currently holds approximately 5.81 million ETH, valued at nearly $11 billion. After 14 months of continuous accumulation, its holdings have reached 4.8% of the ETH supply, achieving about 96% of its publicly set acquisition target of 5%. Unlike Bitcoin treasury companies such as Strategy, Bitmine has used over 5 million ETH for staking to earn interest, with an annualized staking income estimated at approximately $257 million based on a yield of about 2.63%.According to Arkham's analysis, the most likely scenario for the trajectory after reaching the 5% target is that Bitmine will slow down its purchases. On-chain data shows that its acquisition pace has already slowed this year, and after surpassing 5%, it may shift towards balance sheet management and maximizing staking returns. The second most likely scenario is to continue buying at the same pace. Considering that Tom Lee, co-founder of Fundstrat, who leads this strategy, has consistently been bullish, it is possible that they will continue to increase their holdings after breaking through 5%. The least likely scenario is to completely stop buying. If this largest enterprise-level ETH buyer in the market exits the demand side, it may temporarily weaken bullish sentiment, but even without new additions, its staking holdings will still grow passively through network rewards.
app_icon
ChainCatcher Building the Web3 world with innovations.