Gemini IPO $2.22B — does it reflect market expectations? A $2.22B target signals moderate investor appetite for crypto incumbents returning to public markets; it reflects cautious optimism (growth + regulation clarity) rather than exuberant valuation — investors price in regulatory/legal risk while valuing exchange franchises. Expect sentiment tests around lockups and earnings.
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Yes, the whale sell-off disrupted short-term bullish momentum. Order books saw cascading liquidations, reinforcing a lower-high pattern. However, core long-term support levels remain intact above $37,500. Structurally, the sell-off introduced stronger resistance at $44,000–$45,000. Market makers adjusted spreads, reducing leverage appetite. Short-term sentiment shifted bearish-neutral, but longer-term accumulation trends by ETFs and institutions remain unaffected. Overall, a tactical shakeout rather than structural breakdown.
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Since August, U.S. spot ETH ETF’s five-day inflow streak aligned with ETH spot premium narrowing. ETF demand amplified arbitrage, syncing fund curve with premium/discount swings.
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