The current market fundamentals of the broader market are based on the following key factors:

1️⃣Macroeconomic situation: The United States is entering a strong dollar cycle, and despite inflationary pressures, its strategy includes interest rate cuts and dollar depreciation, which provides a predictable macroeconomic background for the market.

2️⃣US presidential election: During the election, it is crucial to keep the stock market and Bitcoin prices stable. The current market adjustment may be technical. The United States' dominance in the cryptocurrency market seems unshakable. In addition, the launch of ETFs in Hong Kong may activate the market and affect the US strategy.

3️⃣ETF approval: Although the hype about ETFs may have cooled, the actual size and impact of ETFs on the market need to be observed. According to the law of diminishing marginal utility, the impact of ETFs on coin prices may gradually weaken. Wall Street's ETFs are still experiencing net inflows, indicating that ETFs will be a key factor in Bitcoin's future trends.

4️⃣Halving events drive bull market: Bitcoin's halving event reduces the supply of new coins, which is good for the market. However, halving does not mean a supply disruption, and its impact may gradually weaken. Historically, Bitcoin's bull and bear cycles are usually associated with halving events. Although this year's halving may not be the only decisive factor, its impact is still significant.

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