Not only has BlackRock applied for a redeemable Bitcoin trust, but now Fidelity has also applied for a Bitcoin spot ETF. If these applications are approved, there will be a huge buying of Bitcoin spot, because their anchor is real Bitcoin, not those derivatives. Both Fidelity and BlackRock are super institutions with trillions of dollars in capital. Even if these institutions only take out 1% to allocate Bitcoin, it will be a huge boost to the current market value of Bitcoin of hundreds of billions. According to the past data of Fidelity and BlackRock, the thousands of ETFs they applied for were only rejected once at the end of 2014, so this application may not be so pessimistic. In other words, we can expect that next year there will not only be a halving, but also the approval of spot ETFs, and there is a possibility of interest rate cuts, an increase in demand, and a decrease in supply. We can look forward to the market next year, and the capital market often likes to speculate on expectations, so we don’t need to be overly pessimistic. Although the current market is very boring, it is likely to gradually improve as expectations approach from the fourth quarter. Don’t be anxious and wait patiently. It is still unclear whether the Fed will raise interest rates in July. Several Fed officials will speak in the evening. It is expected that it will be difficult to give an accurate answer. The hawkish icon is still likely to be the case, so the short-term trend will not be ideal. We should follow the high-altitude strategy. The stablecoin situation is not ideal either. US dollar assets continue to flow out, and USDT shows no signs of recovery. It is difficult to effectively break through 27,000. Small coins are also not very popular, and we need to wait for the risk release process. Bitcoin effectively attacked 27,000 today, and reached the target position I opened short before. We continue to maintain the high-altitude judgment. The environment does not support continued strength in the short term. Ethereum is stronger than the fundamental icon, and liquidity recovery is faster. It is expected to strengthen again in the future. The overall market is relatively quiet, and funds are mainly on the sidelines. It is not suitable for repeated participation, so we should watch more and do less. #BTC