Is the black swan coming?
The beautiful country takes action against Coinbase, and the market is undercurrent.
Grayscale unexpectedly withdrew its application for the Tai Tai Futures ETF, triggering widespread discussion. Although the SEC has not explicitly rejected it, Grayscale seems to have lost patience and has chosen to retreat and seek new opportunities.
Over the years, ETF applications have been delayed again and again, with little hope of approval. Coupled with the impact of the FTX collapse on the market, Grayscale made this decision.
The beautiful country has always had a tough attitude towards regulating the crypto market, as can be seen from the continuous actions against Binance and Coinbase. Despite Coinbase’s impressive performance, the United States still requires it to delist some security tokens. However, this strengthening of supervision has positive significance for reducing market risks and eliminating bubbles, and is conducive to the realization of decentralization.
In the ETF market, Grayscale has seen significant net outflows recently, and market funds tend to wait and see. Regarding interest rate cuts, the United States and European countries are in the game, but it is expected that there will be results in Q3.
In terms of market conditions, the market has fluctuated greatly recently, but the overall market is in a oscillation cycle in a downward channel. After falling below the 64,000 support level in the evening, the next defensive position is 62,000 points. In the short term, 60,000 points is regarded as a strong support level, and the market is expected to fluctuate between 60,000 and 65,000 in the near future, paving the way for a bull market in the second half.
The recent trend of Auntai has been weak, and the altcoin market is also showing weakness. Only the meme series and AI sector are slightly active. In the absence of money-making effects and capital activity, the recovery of altcoins still requires time and patience.
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