Bitcoin is highly linked to the U.S. stock market again, and even the K-line is almost the same, especially the Nasdaq, so yesterday we saw the big cake starting with 5 again. The culprit is still the U.S. stock market. Various macroeconomic negatives have led to the decline of the U.S. stock market. We have said this before, and I will not repeat it today. Data is still very important. It feels a bit like returning to the middle of 2022. Look at the data every day.

Yesterday, the overall net outflow was 2,700, mainly Grayscale 2,179, ARKB outflow 700, and BITB had a net outflow of 119 for the first time. Only BlackRock is still buying. The decline of U.S. stocks has led to the outflow of ETFs, which has led to the decline in Bitcoin prices. This is also one of the reasons for the decline yesterday. Fortunately, the eldest and the second have not yet experienced outflows.

I saw a good summary, which summarizes the current market very well and is in line with the current situation. See which ones you have stepped on.

So far, this round is called a bull market that does not take over each other: institutions are running around, chain-level narratives, 1 billion valuations, and listing and selling coins are unlocked, and retail investors do not take them.

BRC20 is issued fairly, and retail investors have high-intensity execution to speculate on high targets. There is no time and space for the bottom to accommodate big money, and institutions will not accept it.

The coins supported by Binance are not listed on OK, and the coins supported by OK are not listed on Binance. Each of them has its own thugs. Everyone has a lot of projects in their hands, and the exchanges do not accept each other.

The East plays inscriptions, the West rushes to depin, and now the West starts to rush inscriptions and runes, and the East forms L2 again. The East and the West do not accept each other.

Advocate playing new instead of old, the old market is difficult to support alone, the new market is not yet mature, and imitations are pouring in, and the new and old do not accept each other.

Let's look at the on-chain data. When the MVRV (market value/realized price ratio) of short-term holders is lower than 1 or close to 1, it is often a more critical area, that is, STH (short-term holders) in this area have almost no profit, so the profit plate does not exist. It is not copied by people who are bottom-fishing, but no one sells.

Market Interpretation

The trend of Bitcoin is very weak, and it even fell alone yesterday. As mentioned earlier, it has a lot to do with the outflow of US stocks and ETFs. US stocks also began to fall under the influence of the external macro environment. Don't panic, because the macro direction is difficult to predict without being in it. You can only make auxiliary judgments and get through the halving first.

The two cakes are linked and have fallen below 3,000. To be honest, those who hold ETH should feel very uncomfortable now. When it rises, it rises less, and when it falls, it falls more. The exchange rate of ETH/BTC has almost been falling since it switched to POS in September 2022, and the exchange rate is close to being cut in half. So it seems that POS is the grave of Ethereum. .

The decline of the copycat is not too severe. It is no longer as strong as 413 and 414. Has it bottomed out?

Today's panic greed index: 57 (greed)

I am May. If you want to dig deep in the currency circle, can't find a clue, want to get started quickly, and don't know how to operate, welcome to join the village. I hope everyone will be responsible for every decision in life. Come on #比特币减半 #WIF #大盘走势 $BNB $SOL