Why didn't the market go higher?

Several key factors:

1. Whales from the previous cycle sold off near $60,000

2. Concerns about a potential monthly doubling top

3. GBTC outflows (selling pressure)

4. Transfer from on-chain assets to ETF assets

5. ETF expectations are priced in in advance

6. The rise in Q4 2023 was driven by ETF hype

When will the shock end?

Be patient, it has risen 3 times since September 2023 and needs a pullback to accumulate momentum.

Similar to the post-doubling cycle low in Q1 2023, a broad base formation preceded the rise in Q4.

The shock may continue until July or August to complete the bottoming. $BTC $ETH $BNB #热门事件 #币安合约锦标赛