On June 13 and June 14, there was a net outflow of funds from Bitcoin ETFs. A total of US$320 million flowed out of FBTC, ARKB and GBTC, of ​​which GBTC accounted for US$100 million. This caused the price of Bitcoin to fall further to around US$65,000. Funds may have quietly shifted to Ethereum to layout spot ETF themes.

Next, Coinbase also saw a huge outflow of Ethereum around June 13, with a value of more than $1 billion. This is a typical preparation before the issuance of a spot ETF. The institution will transfer the first batch of seed funds to a custodial wallet and set up an ETF, indicating that the fund company has begun preparing to issue an Ethereum spot ETF. It is expected that the Ethereum spot ETF will be listed and traded next month.

The market is looking forward to the upcoming listing of Ethereum spot ETF, which is expected to further boost Ethereum's price performance and market liquidity. Investors and institutions are actively adjusting their investment strategies. As mentioned earlier, fund companies will rush to become another IBIT. BlackRock has verified that the first-mover advantage is quite large and has huge investment opportunities. More investors will flock to Ethereum spot ETF, which may lead to further changes and adjustments in the market in the next few months.

Inflation pressure has cooled, and the market is waiting for the signal of interest rate cut

As for the cryptocurrency market, funds have gradually expressed their views. Memecoin was the most interesting market last week. GME stock experienced large price fluctuations due to the hype of Roaring Kitty, which also led to large price fluctuations in memecoins in the crypto market. For example, on Friday, he posted a call in the X community that he sold and once held more than 9 million shares of GME, with a profit margin of more than 20%, amounting to as much as US$51 million.

Since he has revealed his shareholdings, it means that the next step is likely to be profit-taking, causing the GME share price to fall from $30 to $27. We believe that this type of pump and dump stock will continue to fall because the leader has already made a lot of profit and the possibility of subsequent selling to take profits is greater. However, Roaring Kitty did not sell at a high of $60. Instead, she pulled out a rebound through her live broadcast before posting the order. This hype was obviously not as smooth as the last short squeeze on Wall Street. The GME crypto token of the same name also fell by 20%.

This means that the market is gradually regaining its sanity, the crazy hype sentiment is not as strong as before, and the buyers with high risk tolerance have lost their strength. Apart from the madness of these small and medium-sized tokens, we still believe that the next wave of opportunities for cryptocurrencies lies in the Ethereum spot ETF. Currently, the assets of fund companies have been transferred out of the chain, and the subsequent capital flow brought by the ETF will have the opportunity to further push up the price of the currency. The reasonable price of Bitcoin is US$70,000.

ETH has clearly shown a strong trend in the past two days, indicating that funds have already been deployed in the cold market. Although the market is calm now, undercurrents have actually begun to surge. On the one hand, Bitcoin has been sideways for enough time, and on the other hand, the Ethereum ETF, such a certain pulling event, is about to come. Coupled with the big rise after each halving cycle, as well as the future US election and interest rate cuts, none of these events is uncertain, and any one of them is enough to make the market rise, so what do we have to be sad about in the second half of the year?

Nowadays, the most hurt are the altcoins, which have fallen again and again. No one has made money on altcoins, let alone you. From a long-term perspective, the big pie and the second pie are the most stable. But for most investors who dream of getting rich quickly, altcoins are the cornerstone of making a small investment for a big gain, and are also the reason behind everyone coming to the cryptocurrency circle to participate in the market. Now they have fallen again and again, and new ones are constantly coming out, while old ones are not falling. The market has been drained of blood, and the leeks have been cut one after another. Can it still rise? Is there any logic for it to rise tenfold or a hundredfold? These are what we need to think about.

For the altcoin season, every bull market will come, and this round will be no exception. When Bitcoin and Ethereum go up, there will inevitably be a large amount of capital overflow to participate in these small coins at low levels. The only difference from before is that there may not be a general rise, because the current altcoin market value is already not small, and the logic of common prosperity no longer exists, so we must select the best sectors and the tokens in the sectors.

With the current AI hype in the US stock market, the focus of the cryptocurrency market is likely to be on the AI ​​sector. Another sector that may emerge is the sector that serves Bitcoin and Ethereum re-staking, which is a new innovation and implementation in this bull market. Next is the RWA sector, which is the easiest sector to be implemented after Bitcoin is compliant.

Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together.