Nang Ge's Notes:

Mainstream cryptocurrencies and the Nasdaq index have both reached a very delicate point.

BTC has begun to show signs of a pullback, with the first target around 87,000. (This is not to encourage everyone to short; in a bull market, we do not short the market. Every pullback is an opportunity to reduce positions at the top or add positions at the pullback level.)

BTC's ETF has seen outflows for two consecutive days. If outflows continue, we can confirm the pullback demand for BTC. Institutional players are starting to take profits and sell off.

The Nasdaq is the most delicate, at the upper end of the high channel; theoretically, it should pull back. However, the buying market is hot, leading to significant disputes between bulls and bears here. (It is expected that an economic data release will be needed to determine the trend.)

ETH currently has only one 'father', which is Grayscale's ETF, the world's largest Ethereum ETF. Grayscale has been continuously selling off; due to their large holdings, their selling method is to sell proportionally based on daily ETH trading volumes to avoid impacting the market.

Grayscale's sub-ETF ETH is also very weak. The current state of ETH is to watch when Grayscale will finish selling.

If BTC and the US stock market's Nasdaq begin to pull back, and Grayscale sells a large amount of ETH, then ETH will face another significant drop. At that time, we can look to buy the dip again. (A money-making opportunity)

The current mainstream issue is the conflict between ETF institutions.

The market is difficult to judge; technical analysis has lost its importance here, all being influenced by institutions, waiting for a consensus among institutional views.