Today's market is relatively dull, and the market is sluggish. It has been basically tossing around the 50 dollar range all morning. Compared to 519 in 2021, it was simply unbearable to look back on. I remember that on that day, Bitcoin plummeted instantly, from 42,000 to 30,000. Many currencies were cut in half on the same day. I am really lucky that we are still alive.

However, there is no comparison with today's market. The position of the trend is different. It was at the end of the bull market at that time, and it is at the end of the bear market now.

Of course, the macroeconomic environment back then was not that bad.

In fact, I haven't talked much about the market in the past two days, because the market pace is too slow, transactions are sluggish, and tomorrow is the weekend, so liquidity will be even more sluggish. Don't expect much change. Bulls still have to endure. Don't even think about acting rashly.

BTC is around $27,000, fluctuating between $500 and $1,000, and Ethereum is around $1,800, fluctuating between $100 and $100. The market has no hot spots, and has fallen into a state of "nothingness", no funds, no hot spots, and no leading sectors.

Brc20 continues to weaken, and the hype of the meme stage is coming to an end. It is difficult for memes to lead trends, and they will also compete with altcoins for the limited liquidity.

Regarding liquidity, a friend in the Tokenmi community said today that there are new blood and new leeks in the market.

The biggest problem is that the new leeks have no liquidity. The old leeks have been cut into stumps. The ones that are difficult to cut can only be dug up by the roots. In fact, in my opinion, the situation is more serious than this, because many leeks have had their roots dug up by half.

Judging from the data, the 24-hour trading volume of DEX is stronger than yesterday. Yesterday it should have been 1.5, and today it is around 2, which is a significant increase. This shows that there is potential capital intervention, which also increases the chances of a rebound.

BTC's gas fee has slightly rebounded in the past two days, mainly because BTC-NFT has become a small hit. However, this market is too risky. I feel it is not worth spending a lot of money to buy a bunch of useless pictures. I do not recommend you to go for fomo.

On the macro level, everyone is tired now. Whether interest rates rise or not, the market will continue to operate as usual. However, the recent uproar over US debt default may change the investment logic of institutional investors.

The U.S. Treasury Department said it still expects to be able to pay U.S. government bills only until June 1 without raising the debt limit, which would trigger the first U.S. default in history.

As the world's most developed capitalist economy, once the US Treasury bonds default, it will have a huge impact on the global economy. As the world's largest asset market, US Treasury bonds are also the primary safe asset in the investment portfolios of banks and other institutions. Once the US Treasury bonds default, it will cause severe turmoil in the US banking industry, financial markets and even the global capital market. The severity of the crisis is beyond imagination.

In addition, due to the large amount of bonds issued by the U.S. Treasury, the depreciation of U.S. bonds will also trigger a depreciation of the U.S. dollar, which will in turn lead to a surge in prices of imported goods in the United States, further pushing up the inflation rate.

For investors, apart from gold, it is difficult to find assets safer than US Treasuries. From this perspective, BTC, which is benchmarked against gold, will obviously be favored by some investors. According to a recent survey by Bloomberg, the results show that Bitcoin has also become one of the three most popular alternative assets among investors, with nearly 10% of respondents expressing their willingness to buy Bitcoin as a safe-haven asset.

In essence, a US debt default will greatly reshape the global financial system, further amplifying the role of Bitcoin as a global financial infrastructure. Bitcoin's neutral currency attributes make it immune to any national debt risk.

This is one aspect of joy.

But what is worrying is that as an integral part of the global financial market, if the global financial crisis deepens, the tight and chaotic global liquidity will obviously cause the entire crypto market to be deprived of blood.

As reflected in the market, in the short term, there is a stalemate, the bulls are very passive, and the bears dare not be too presumptuous.

Based on my years of experience in stealing vegetables, the best way to hedge against crises and uncertainties is to choose high-quality assets, such as BTC and ETH, and simply ignore short-term fluctuations, so as to free yourself from the daytime clutter and eventually get through the glitz of the bear market.

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