Copy Trading Master’s Winning Strategies Review — Episode 51
Easy Follow, Smart Trade! Discover the winning strategies of our popular traders.
- Copy Trading Master’s Introduction
User Nickname: BlingBling~
Trader’s Profile: https://www.lbank.com/copy-trading/lead-trader?id=LBA3D77565
Trading Style: Swing Trading
2. Trade Operation Recap
Short FTM with 20x leverage, opening at 0.4718 USDT, closing at 0.4479 USDT, achieving a profit of +101.55%. As shown below:
3. Trade Review
3.1 Market Background
On July 17th, Federal Reserve official Williams stated in an interview that the cooling of the job market and inflation data indicating a deflationary trend were positive signs. If inflation continues to slow, there could be a rate cut in the coming months, with more economic data expected between July and September.
On July 22nd, according to regulatory filings and announcements from related companies, the U.S. Securities and Exchange Commission (SEC) officially approved the listing applications for several companies’ Ethereum spot ETFs. Journalists confirmed the official news, stating that the SEC had made the Ethereum spot ETFs effective, with the 424(b) forms being released, and all preparations in place for trading to begin at 9:30 AM on July 23rd.
On July 23rd, according to Arkham data, the Mt.Gox address starting with 18vjn transferred 42,587 BTC, worth approximately $2.85 billion, to the address starting with 15yp just 13 minutes earlier. Five exchanges are responsible for executing the distribution of the Mt.Gox BTC compensation: Bitbank, SBI VC Trade, Kraken, Bitstamp, and BitGo. The process involves transferring the BTC from the Mt.Gox address to the respective exchanges, which then carry out the distribution.
On July 28th, at the 2024 Nashville Bitcoin Conference, former U.S. President Donald Trump delivered a speech outlining a series of policies and plans aimed at establishing the United States as a global cryptocurrency hub.
Although expectations for a Federal Reserve rate cut are approaching, following the launch of the Ethereum ETF, a substantial portion of the 2.8 million Ethereum held by Grayscale may be sold off in concentration. Simultaneously, the bankrupt Mt. Gox exchange has officially begun distributing assets to its users, with 140,000 Bitcoins also set to enter the market.
3.2 Trade Analysis
From July 17th to July 31st, the Bitcoin 4-hour chart showed a continuous oscillating rise, followed by a break below the trend line. See image below:
In early June, the German government continuously sold off Bitcoin, causing it to fall from around $68,000 to a low of approximately $54,000. Subsequently, the U.S. June employment data was released, showing an unexpected rise in the unemployment rate to its highest level in two and a half years. This led the market to bet on a rate cut in the second half of the year, triggering a rebound in the cryptocurrency market.
On July 23, according to Arkham data, a Mt.Gox wallet starting with 18vjn transferred 42,587 BTC to a wallet starting with 15yp 13 minutes earlier, valued at approximately $2.85 billion. Following the news of Mt.Gox’s Bitcoin transfer, the cryptocurrency market quickly retreated.
On July 28th, former U.S. President Donald Trump delivered a speech at the 2024 Nashville Bitcoin Conference, outlining a series of policies and plans aimed at establishing the United States as a global cryptocurrency hub. His participation in the cryptocurrency conference further boosted BTC to around $70,000. Subsequently, the cryptocurrency market began a gradual decline.
On July 29th, FTM reached its previous high along with the market but then stalled. On the 4-hour chart, the price of FTM encountered strong resistance around $0.47. At this point, considering opening a position against the upper resistance, a short position on FTM was initiated.
As the market began to decline overall, FTM’s price gradually decreased.
On July 30th, the cryptocurrency market performed poorly due to the decline in Bitcoin and Ethereum. FTM rapidly dropped to $0.44, showing signs of weakness. At this point, the position was closed. As shown below:
3.3 Winning Strategies Summary
As the expectation for a U.S. dollar rate cut in July gradually approaches, the market still faces selling pressure from “Grayscale Trust and Mt. Gox,” making the short-term outlook not very optimistic.
The market rises amid controversy, falls in consensus, and fades in praise.
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