Why is it so difficult for Bitcoin to reach a new high?
1. BTC has the most contracts among all currencies, and many of them are short-term short and long.
Contract data will greatly affect the market's funds for the future market trend. When the contract data is heavy on the long or short side, it represents the current market's view of its trend. The exchange will intervene artificially to blow up one of the parties to avoid its own losses. The cleaned chips are the chips for pulling the market.
2. Ethereum's spot ETF net inflow is not as good as Grayscale's selling. In fact, every time the ETF is passed, institutions in the market always have to wash and smash the market. Although the ETF has an inflow of US$1.183 billion in the first week of its launch, Grayscale's selling is more, and it has finally eased recently.
3. The US government participated in the sell-off. The US government sold about 30,000 BTC the day before yesterday, causing market chaos. Whether it is transfer or custody, these BTC will have an impact on the market. It is mainly the selling pressure of the German government that has caused everyone to have shadows on these aspects.
4. The impact of the Mentougou compensation, this event lasted for several years, the amount of compensation paid was large, and the impact on the market was also very serious.
