Judging from the Bitcoin futures price in CME, the trading volume after the early closing for three consecutive days has been getting lower and lower, and none of the other three gaps have still been filled. Judging from the current price trend, it is not ruled out that a needle shot can close the gap. It's possible to make up for it all. However, although the trading volume is indeed very low, BTC has always maintained a positive premium between futures and spot prices, indicating that current institutional and professional investors are still optimistic about the short-term price trend, which is completely opposite to the high-altitude bull ratio of futures investors.
It’s not just futures that have low trading volumes, but also spot prices. Judging from the trading volume of Coinbase in the past 48 hours, major US investors have also shown a continued downward trend. Of course, this is within our expectations. After all, starting from Monday We have said since the opening that the rise this time is mainly because the US government has temporarily got rid of the shutdown, which has restored confidence in the market. However, this positive sentiment has not changed the narrative of BTC and ETH, and as time goes by With McCarthy being dismissed early this morning, it means that the probability of the U.S. government entering another shutdown starting on November 17 will be higher.
If it is just the positive or negative effects brought by emotions, they will gradually be repaired by time. If it is in a bull market, there is still a chance to continue to rise. However, the current market liquidity continues to shrink, and a large amount of funds are still accelerating to leave the currency market. Supervision Institutions still have not relaxed the market, and market makers still have to walk on thin ice. In this case, only "big releases" and policy guidance can fundamentally solve the problems in the currency market, so either the spot ETFs of BTC and ETH will pass. Nasdaq trading not only solves the problem of market makers, but also solves the problem of liquidity, or it reaches an emotional climax and allows more investors to enter the market by increasing consensus, which depends on interest rates. This has been driven by policies and the halving cycle of BTC.
It’s not just futures that have low trading volumes, but also spot prices. Judging from the trading volume of Coinbase in the past 48 hours, major US investors have also shown a continued downward trend. Of course, this is within our expectations. After all, starting from Monday We have said since the opening that the rise this time is mainly because the US government has temporarily got rid of the shutdown, which has restored confidence in the market. However, this positive sentiment has not changed the narrative of BTC and ETH, and as time goes by With McCarthy being dismissed early this morning, it means that the probability of the U.S. government entering another shutdown starting on November 17 will be higher.
If it is just the positive or negative effects brought by emotions, they will gradually be repaired by time. If it is in a bull market, there is still a chance to continue to rise. However, the current market liquidity continues to shrink, and a large amount of funds are still accelerating to leave the currency market. Supervision Institutions still have not relaxed the market, and market makers still have to walk on thin ice. In this case, only "big releases" and policy guidance can fundamentally solve the problems in the currency market, so either the spot ETFs of BTC and ETH will pass. Nasdaq trading not only solves the problem of market makers, but also solves the problem of liquidity, or it reaches an emotional climax and allows more investors to enter the market by increasing consensus, which depends on interest rates. This has been driven by policies and the halving cycle of BTC.