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● Powell said in a speech that the US PPI data is actually quite mixed, and it is uncertain whether inflation will continue. Restrictive policies may take longer than expected to work to reduce inflation. The United States will reduce the inflation rate back to 2%. Restrictive policies may take longer than expected to work to reduce inflation. In many ways, the policy interest rate is restrictive. It is not believed that the next move may be to raise interest rates. It is more likely to maintain the policy interest rate at the current level.

● Powell recently pointed out in a speech that the labor market is recovering a better balance, and the current labor market is as tight as before the COVID-19 pandemic. Powell also mentioned that there was no further progress in US inflation in the first quarter. They did not expect the inflation path to be smooth, and they must wait patiently for the policy to work. He expects US GDP to continue to grow at 2% or higher, while inflation is expected to fall month-on-month

● On May 14, SEC documents showed that the Wisconsin Investment Committee purchased $99 million worth of BlackRock IBIT in the first quarter. In addition, the committee also holds $64 million worth of Grayscale GBTC

● The deadline for the U.S. Securities and Exchange Commission (SEC) to approve or reject the Ethereum spot ETF is only nine days away. Eric Balchunas, senior ETF analyst at Bloomberg, said he does not expect the ETF to be approved before the end of 2025. At the same time, bettors on the on-chain prediction market Polymarket believe that there is a 14% chance that the U.S. SEC will approve the ETF before May 31

● The activity of the (Runes) protocol has slowed down, showing that it has failed to gain significant traction among users despite an excellent start last month. Runes further optimizes the Ordinals protocol to make transactions cheaper and faster. According to Dune Analytics data, all metrics - including fees, new Runes and user activity - have fallen by more than 50% in the past two weeks. Since May 1, only about 5,000 new Runes have been issued, with less than $100,000 in fees. Runes dominated transactions and fees in the Bitcoin ecosystem at their peak, accounting for as much as 80% of network activity, but are now down to 20%. The decline occurred during a period of overall market decline, and the slow growth of altcoins due to the decline in Bitcoin prices may have led to a decline in sentiment towards new technologies.