Macro Analysis on June 11

BTC fell slightly, but altcoins including BNB fell by more than 10%. BNB fell below $620, which was rare before because BNB is usually strong. This time the correction is a bit large.

On-chain data shows that stablecoins have been flowing out of exchanges in the past two days. After the ETF opened yesterday, there was not much inflow, some even 0, and several have not yet released data. Overall, $32 million flowed out.

Three major events to watch this week:

CPI data will be released at 8:30 p.m. tomorrow. If it is lower than expected, it will be positive, otherwise it will be negative. At 2:00 a.m. tomorrow night, the Federal Reserve will release the interest rate decision and economic forecast summary (FOMC meeting). Around 2:30 a.m. tomorrow night, Federal Reserve Chairman Powell will deliver a speech.

The June FOMC meeting will be one of the most critical meetings this year, as Powell may give the clearest instructions yet on the timetable for rate cuts. Although the recent non-farm data exceeded expectations, several previous data showed that the economy is in recession, and Powell's speech may be dovish. Therefore, we still have to look at the CPI data, which will determine whether BTC will have the last decline.

Before the data is released, you can consider reducing some of your positions today. Don't be afraid of reducing your positions, because you can buy them back at any time after selling them. As long as the price drops by 1%, you can get more coins by buying them back, whether it is spot or contract.

If the CPI data is positive, you can consider buying again, and the gap will not be large.

The current cryptocurrency market expectations should be lowered, and stability is the main focus. The secondary market is not suitable for investment. ZK and Blast are about to issue coins. In the near future, you can pay attention to the meme coins on the new public chain.