In the digital world, every ups and downs are like a thrilling adventure. Just on Wednesday, when the value of Bitcoin fell below the $5.8 mark, the entire cryptocurrency market seemed to be shrouded in a heavy pressure. Everyone is anxiously waiting for the latest decision of the US Monetary Policy Committee, and what kind of news will Jerome Powell, who stands on the stage, bring.

Looking back at April, Bitcoin experienced a storm of nearly 16%, and plummeted within 24 hours, with a drop of 5%. This is the most painful one since FTX collapsed in November 2022. The peak of the past was like a firework, leaving only darkness after the splendor.

Remember the Bitcoin and Ethereum spot ETFs born in Hong Kong? Those products that were once highly expected can no longer support the market's hopes. Bloomberg Information disclosed that the trading volume of the six products on the first day was only US$12.7 million. Although it is a considerable number locally, it is far lower than the amazing trading volume of US$4.6 billion on the first day of listing in the United States.

The net outflow trend of this market is becoming more and more prominent. Data shows that on Tuesday alone, the US market had a net outflow of nearly $162 million. BlackRock's IBIT has had zero net flow for the fourth consecutive trading day, and Fidelity's FBTC has also had a net outflow for the third consecutive trading day. In other words, the market is in a state of net outflow for five consecutive trading days.

Just when everyone thought the worst had come, the U.S. Department of Labor released the latest salary data on Tuesday, which further reduced traders' expectations of possible interest rate cuts by the Federal Reserve and affected the demand for Bitcoin spot ETFs.

Chris Weston, head of research at Pepperstone Group, said in a report that rising Treasury yields and real interest rates are poison to gold, Bitcoin and the U.S. stock market.

In addition to Bitcoin, small tokens such as Ethereum and Dogecoin have also suffered losses. Even though the Bitcoin network experienced the so-called halving last month, analysts believe that this has not provided significant support for prices.

Matteo Greco, a research analyst at Fineqia International, believes that the recent decline is mainly due to investors who have made too much profit before, and new investors who have entered the market have also followed suit to take profits.

However, just when the market seems to have calmed down, the short-term theme of Bitcoin may just be "consolidation and correction". Although the price of Bitcoin has fallen by about 20% in the past three months, traders are not panicking, believing that this is just a routine adjustment in the market cycle.

Real Vision Raoul Pal said: "This is already the fourth 20% adjustment of Bitcoin in 12 months, which is very common."

Rekt Capital, a cryptocurrency trader operating under a pseudonym, wrote in an article: "This is exactly what the cycle needs to resynchronize with historical price norms and traditional halving cycles."

Thomas Fahrer of Apollo added: "The price may fall to $40,000, but it may also rise to $400,000. This is the way it is, and it is a good choice."

However, behind this seemingly calm, the market suddenly fell sharply after the Asian trading session, losing the $61,000 support level, and fell by about 6% in 24 hours.

Ben Simpson of Cointelegraph believes that the market may now have entered a "calm period", but is still optimistic about the long-term prospects of the market in the coming months. No matter how the market fluctuates, we firmly believe that every change in the future is an opportunity. Only by seizing it can we create a better future.

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