According to Bloomberg, citing data from Swiss investment adviser 21e6 CapitalAG, there are more than 700 cryptocurrency funds in the world this year, but 97 funds (13%) have closed since the beginning of 2023. In addition, the average return of these crypto funds in the first half of the year was 15.2%, lagging behind Bitcoin's 83.3% increase. The report said that due to the turmoil in the industry last year, many funds held more cash than usual.

Maximilian Bruckner, head of marketing and sales at 21e6, said that funds with market neutral strategies performed the worst, with an average return of only 6.8% from January to June. Funds with directional bets had an average return of 21.9%. But performance still lags behind Bitcoin. Although many funds have had to slow down operations due to regulatory uncertainty from popular bank partners and fund management agencies, discretionary crypto funds do not face this problem. At the same time, quantitative funds are more vulnerable to volatile markets. Many crypto funds have not outperformed Bitcoin's gains. If you bought Bitcoin at the beginning of the year and held it, you would have outperformed 95% of the people in the market. Sometimes fast is slow and slow is fast. The seemingly dumber method is more effective in the crypto market.

Michael Saylor, co-founder of MicroStrategy, said that with large financial companies applying for spot Bitcoin ETFs and the overall optimistic environment in the financial industry, the crypto market is currently at a turning point. Bitcoin is a differentiated international asset that stores value and digital commodities. Saylor also said that if the US central bank holds some Bitcoin, the move may increase the credibility of the US central bank. Saylor explained that the approval of spot Bitcoin ETFs by companies such as Blackrock and Citadel may change the landscape of retail investors and institutions buying BTC. He said that given the deep relationship between large technology companies such as Apple, Microsoft and Amazon and banks, they will be able to buy a lot of Bitcoin through spot ETFs "in a minute" if they want. Hua Ge believes that the spot ETF will be passed in the next one to two years. Once passed, these traditional big funds will run into the market, and then it will be another feast of picking up money!

BTC：

Recently, we can find that many small coins have begun to plummet, and mainstream coins have also been in a slump. The market is very sluggish. Bitcoin is relatively strong, but it is also a bearish trend. Now it is adjusting above the 120-day moving average. Brother Hua believes that the longer this position is horizontal, the more severe the fall will be. The 120-day moving average is likely to be untenable! Judging from the big rebound in the past two weeks, the 30-day moving average has become the pressure of the rebound. It rebounded to the 30-day moving average and then fell back. It is expected to fluctuate and adjust from the 30-day moving average to the 120-day moving average support. Try to keep a high-altitude mindset in operation!

eth:

Ethereum's daily line has broken. If there is a rebound to the 120-day moving average in the short term, you can short on rallies and reduce your position on rallies in the spot market.

XRP：

xrp is in line with the judgment, it started to pee today, and the mid-line will most likely return to the starting point. Looking at the current trend, xrp will still fall!

ARB：

arb Hua Ge suggests that everyone should not bother with short-term trading, but wait patiently for the Cancun upgrade to come, and then you will definitely make a lot of money!

LTC:

LTC has been falling for four consecutive days and there is no sign of rebound. It will still fall in the medium term. Without the good news, the market will definitely be smashed. You can try to take the medium term for short orders above 90. Those who want to short in the short term can only wait for a big rebound before shorting!

ETC：

etc. Looking at the trend, there is a high possibility that a big negative line will appear in the near future, and the strategy is still mainly high-altitude!

Platform Coin:

BGB is oscillating at a high level. There is no opportunity for short-term operation. Please wait patiently.

Wealth code:

Many small coins have begun to plummet recently. Small coins are not popular at all. It is not recommended to buy small coins!

The above analysis is for reference only and does not constitute investment advice!