With the expected ETF spot benefits coming, few could have predicted that Ethereum would fall below $2,000. This plunge has almost wiped out all of Ethereum's gains driven by good news. Originally, the news of the Ethereum ETF was thought to bring in capital inflows, but now it seems that it has become a tool for short-selling capital to harvest the market. On the surface, the main reason for this decline is the governments of various countries, especially the German government, as well as the potential sell-off of Mentougou and the market's concerns about interest rate hikes. But in fact, the more direct reason is the wash-out of the spot market and the clearing of a large amount of leverage accumulated recently due to the positive Ethereum and the expectation of interest rate cuts. Since the entry of Wall Street capital in the United States into the crypto market, the trend of the currency circle has become more bizarre, and the market is always manipulated in an unconventional way. The current situation has completely exceeded my expectations, and even risk control measures will not help. In the short term, the repayment work of Mentougou has begun, mainly involving BCH and BTC. There will be important non-agricultural data released tonight. The previous data had little impact, but due to the plunge in the market, this data may have an important impact on market confidence. Summary: In the garbage time of the market crash, any words are powerless, but opportunities always appear in panic. We should firmly believe in the cycle theory.
