The culprit for the market downturn has surfaced.

This week's macro data are OK, but the market has been falling.

At first, there was a lot of uncertainty before the data came out. Although the previous unemployment data was very telling, large funds still had a strong need for risk aversion.

After the data was released, the uncertainty was eliminated, and a new problem emerged. The chairman of the SEC said that ETH ETF would be approved before the end of the summer. This was originally a good thing, completely ruling out the possibility of non-approval, but it also broke everyone's fantasy that it might be approved at any time, which means that we have to wait for a while.

Why didn't it rebound a little today? Because 20,000 BTC options expired, the Put Call Ratio was 0.49, the maximum pain point was $68,500, and the nominal value was $1.35 billion. At the same time, 200,000 ETH options expired, the Put Call Ratio was 0.36, the maximum pain point was $3,600, and the nominal value was $710 million.

It is expected to rebound to 3,600 at the weekend, and it is a bit unrealistic to expect too much.

Before ETH is approved and there is no major positive news, it is estimated that sideways trading will be the norm. Of course, BTC may also lead it to break through to around 75,000. To go further, ETH ETF should be coordinated. $BTC $ETH $SOL