With the upcoming interest rate cut cycle, the Bitcoin ETF passing, the halving cycle, and the Ethereum ETF passing on the eve of the passing, cryptocurrencies have ushered in a sharp correction.

Since June, Bitcoin has pulled back from the high of 7.2 to around 63,000 on July 1.

Starting from July 2, it began to fall sharply, breaking the support of 60,000, 58,000, and even breaking 53,500 today. It has fallen by nearly 10,000 points since the beginning of the month, and the decline of altcoins has exceeded 30-50% in three days.

The severity of these two days has surpassed 519 and is catching up with 312.

In the past 24 hours, the entire network has liquidated 686 million US dollars, and more than 27 important people have liquidated.

Due to the upcoming ETF spot benefits, almost no one can imagine that Ethereum can fall to the position starting with 2.

This decline is equivalent to completely wiping out the gains after the good news of Ethereum. It seems that the news of Ethereum ETF has not brought any capital inflows, but has become a tool for short-selling capital to harvest the market.

On the surface, this decline is mainly due to the potential sell-offs of various countries, especially the German government, and Mentougou, and the so-called "interest rate hike" theory in the market.

In fact, the more direct reason is the spot wash and the clearing of the large amount of leverage accumulated recently due to the positive news of Ethereum and the expectation of interest rate cuts.

Since the US Wall Street capital began to enter the currency circle, the trend of the currency circle has become weird, and it always manipulates the market with unusual trends.

For the current situation, it has completely exceeded my expectations, even if there is some risk control.

In the short term, Mentougou's repayment work is already in progress, mainly BCH and BTC. There will be big non-agricultural data tonight. The impact of the previous data is not great. It is estimated that tonight's data may be more important, because the market has fallen so much, and data may be more needed to boost confidence.

Final words: In the garbage time of the decline, any words are powerless, but opportunities will always appear in panic, and I firmly believe in the cycle theory.