The Federal Reserve rarely worked overtime because of the approval of the Ethereum spot ETF. At the last moment when everyone thought it would be postponed, it issued an announcement announcing the approval of 19B-4. Later, it will announce definitively when the product will be launched.

Many self-media outlets today are discussing the differences between the Bitcoin ETF at the time and the Ethereum ETF now. Overall, the differences in the external and internal environments are quite large, which has also led to the temporary inconsistency in performance after approval.

In the previous Bitcoin spot ETF approval process, the ETF was approved and the product was listed simultaneously. At that time, there was a strong call for interest rate cuts starting in March at the macro level, and after a long period of delay, most institutions prepared enough reserves to buy Bitcoin spot for liquidity redemption. The approval of Ethereum was mainly due to political issues, and the institutions were not fully prepared, and inflation was repeated at the macro level.

Secondly, after the Bitcoin ETF was approved, Grayscale unlocked a large amount of funds and new institutions started to absorb funds from scratch, which led to Bitcoin's steady rise after 12 days of adjustment. Many partners asked if Grayscale would sell the 2.93 million Ethereums it currently holds.

Today, I carefully studied the details of this institutional application. In addition to Grayscale, the documents to be approved are all S-1, while Grayscale's is S-3, and Grayscale applied for the Mini Ethereum Trust Fund. In terms of content, to put it simply, this ETF is essentially different from the previous Bitcoin spot ETF, and it is also very different from other institutions. First of all, there is a time difference in approval. It is likely that other institutions will pass first and Grayscale will pass later. Secondly, regarding the redemption of Grayscale's existing ETH, a very important core of the Mini Trust is that the redemption and purchase volume have been downgraded. Perhaps this operation is to a certain extent to reduce the selling pressure after approval. Otherwise, if there are nearly 3 million ethers, even if half of them are sold like a pie, the market cannot bear it.

Here is an additional popular science. Some time ago, when the institution submitted the modification documents, it deleted the pledge clause of Ethereum spot ETF. After seeing this, many people thought that Ethereum could not be pledged in the future, so a considerable number of retail investors sold Ethereum pledge protocol tokens such as SSV. In fact, this understanding is wrong. Bitcoin spot ETF cannot be pledged either. The change of the institutional agreement means that they are not allowed to use the Ethereum in their hands for pledge, which is different from the Ethereum pledge in the crypto market ecosystem.

From a macro perspective, Bitcoin spot ETFs had a net inflow of 283 coins yesterday, about 19 million US dollars, which was much slower than the inflow in the first few days of this week. From the data point of view, as the weekend approaches, more and more funds are waiting and watching. The market was linked to the door last night. Those who should come back in the short term have come back, and those who can't come back are still resting. This wave of shorts is likely to fluctuate and pass.

There is no fluctuation in the news, so let's stop here for now. Buying expectations and selling reality is too common in the cryptocurrency circle. The good news has landed, and we will wait for time to settle and wait for Ethereum to restore its former glory!

BTC: The big bearish trend of Bitcoin fell below 68,000 points, and it is currently hovering above the technical support of 67,197 points. The short-term bearish trend is still there, but the overall market is in the stage of rebound and repair of the previous round, and it is not expected to fall too much. There is not much market expected on the weekend, so let's close the market and take a rest.

ETH: Ethereum's position yesterday was directly indicated in the title. It is only 505 points away from 4,000 points upwards, and just broke through 3,500 points downwards. This wave of orders is perfectly in place. Ethereum on the chain is currently in an overbought stage. Similarly, there will not be a big drop in the near future, and the volatility is not large. If you have stocks, hold them for now.

Other altcoins: In the short term, pay attention to the Solana ecosystem. JTO has been saying for several days that it is almost time to enter. Then focus on the Ethereum L2 sector. SSV, OP and LDO are all doing well recently. SSV has indeed been mentioned many times. At this stage, if the market is adjusted, the altcoins will mainly ship out. When waiting for the Ethereum spot ETF to be officially approved by Grayscale, there will definitely be a wave of shipments. The volume is not large, but the altcoins cannot withstand the impact.

Finally, stay away from leverage and stock up on spot goods! ​​​#现货以太坊ETF获美SEC批准 #美众议院通过FIT21法案 #BTC走势分析 $BTC