The market has continued to decline recently, and many investors have begun to question the end of the bull market. However, I think this is just a short-term adjustment in the market. First of all, Bitcoin has not yet experienced its halving. Historical data shows that the real bull market often starts 2 to 3 months after the BTC halving.

The current market stage is clearly earlier than this point in time. If the market starts to continue rising now, its gains could be even more impressive after the BTC halving. Therefore, the current downturn is more likely to be the market gathering strength for a future surge.

Second, the Fed has yet to cut interest rates. The early market rise was largely driven by ETF mania, and real retail investors have not yet fully entered the market. As capital frenzy subsides, market corrections are normal. After all, smart investors always hope to absorb chips at lower prices to prepare for greater gains in the future.

The Bitcoin ETF performed slightly better yesterday than the previous two days, with net outflows of only $94 million. Although Grayscale GBTC was still hit by $358 million the night before, BlackRock also increased its efforts to take over the market, with an inflow of $233 million. If Fidelity can be more forceful, funds may be able to turn profits into profits.

In addition, the SEC postponed the decision on Grayscale Ethereum Futures Trust’s ETF application to May 30. Most applications before May will be delayed.

The Bitcoin ETF is considered the first pilot, and the market response has been very good. Only the SEC will pass the second, third, and Nth cryptocurrency ETFs, and the popularity of the Bitcoin ETF indicates that the Ethereum ETF will definitely pass this year.