"The reason why the copycat market is so difficult in this round of market is that, essentially, apart from Wall Street (they only play Bitcoin), there is almost no new capital entering the market.

It is equivalent to retail investors and market makers of various exchanges betting against each other, and retail investors are long.

In the past, each exchange and each market maker attracted new investors by making old investors profitable on paper.

Originally, with new retail investors and new capital entering the market, the Ponzi bet could last longer.

But the environment does not allow it... The leeks have been cut bald by the power class...

That is why the crypto market is so looking forward to the release of funds. The US stock market is in an environment of interest rate hikes, which is so joyful!

The core reason is that there are few good things in the currency circle, and we can only play Ponzi bets. Release of funds is a sufficient condition, not a necessary condition. Good things are the conditions. It is obvious that the ETF target will fluctuate upward.