Negative factors in the current market:

1. Macro: inflation, interest rate hikes, dollar panic, economic recession, war

2. Sell-off: 1) The US and German governments sold off their 255,000 BTC. 2) Mentougou's 140,000 BTC compensation. 3) Miners sell off

3. US stock ETF funds cannot flow into the cryptocurrency circle

4. No one will buy ETH ETF, and Grayscale will dump the market

5. The market lacks innovation, VC coin unlocking, and lacks channels to attract newcomers