To sum up the market in the past few days, it has been fun to keep shorting!
First, the government began to sell off the big cake, followed by the fermentation of the Mentougou incident, and then the uncertainty of interest rate cuts. Many people said that there would be a rebound next, soaring to $64,000. I think these are all false before the ETF has injected funds. The market continues to fall and repeatedly sideways.
The Federal Reserve released the minutes of the monetary policy meeting early this morning. There was no clear indication of interest rate cuts, and interest rate hikes may also be considered! Today the market fell directly below $58,000.
This is the general content of the meeting:
The minutes of the Federal Reserve meeting showed that the vast majority of officials believed that US economic growth was gradually cooling, and most participants believed that the current policy stance was restrictive. The Federal Reserve is waiting for "more information" to gain confidence to cut interest rates. Some participants said that policies should be ready to respond to unexpected economic weakness, and several Federal Reserve officials said that if demand weakens, the unemployment rate may rise. The minutes of the Federal Reserve meeting showed that several participants said that if inflation persists at a high level or rises further, interest rates may need to be raised. Participants believed that "further modest progress" has been made toward the committee's 2% inflation target in recent months. Nick Timiraos, the "Fed mouthpiece", said that the minutes of the meeting suggested that they were unlikely to cut interest rates at the meeting later this month.
Let's talk about the approval of the ETF:
Last month, it was said that the document would be approved on July 2, and now it has been postponed to after the 15th. However, the SEC did not say that it would definitely take effect. There are still 23 items that need to be modified. The approval will not be so simple. It is expected to be postponed to November or April next year, just like the Bitcoin ETF!
In the document submitted to the SEC on July 3, Bitwise revised its S-1 registration statement for the Ethereum spot ETF in advance, including the exemption of the sponsorship fee for the first $500 million of trust assets in the first 6 months. The document did not include a specific launch date for listing and trading on the New York Stock Exchange Arca, but stated that it would be launched "as soon as possible" after the registration effective date.
Bloomberg analyst James Seyffart said that the Ethereum spot ETF product may be listed later next week or the week of July 15 in response to Bitwise's resubmission of the revised Ethereum ETF S-1 form.
