The A-share market has been excited for more than a week. Judging from the intraday situation, the excitement is about to spread to the cryptocurrency circle. $BTC hit a high of 4,000 points during the day. Now the point directly breaks through the trend pressure of 64,000 points ahead, approaching the reversal signal position of 67,000 points.

From the on-chain data, this wave of market surge is not the behavior of the main force, but the real inflow of off-site funds.

Last Friday, the old US reduced its balance sheet by 66 billion US dollars. In Bingtang's limited cognition, the recent rounds of interest rate cuts and balance sheet reductions should be carried out simultaneously this time. The volume is not large, but the symbolic significance is great.

Before the interest rate cut, Bingtang said a logic. The core purpose of the interest rate cut, one of the monetary policies of the Federal Reserve, is to activate the bank's money and expand consumption. The most basic element of liquidity injection is balance sheet reduction, which will be a full sense of injecting funds into the market.

From our previous forecast that the balance sheet reduction will start at the beginning of next year, after being advanced to the current time node, there is reason to believe that the turning point of the market may come ahead of schedule.

On the macro level, the bond yields of the United States have increased slightly, which means that the net outflow of traditional funds in the short term will be hindered to a certain extent. We can focus on this data in the short and medium term. There was no significant change in the ETF data last week, so we will put it aside for now. However, the cumulative weekly increase in the total number of ETFs has shown a bullish trend, and it is expected to bring a small bullish support in the short term.

Now the market should continue to maintain the necessary calmness. We all know that the big bull market will come, but it is highly likely that it will not come in this form. The spot positions include big cakes. Bingtang tends to ship in small batches after a short-term pull-up. If there is another short in the later stage, there will be a certain amount of chips to take over. If it reverses directly, even if you chase it at a high level, it is more reliable to get a certain market. #Meme浪潮持续，你看好哪一个？ #BTC突破6W6 #灰度考虑新增35种加密资产