Do you know why so many people have withdrawn BTC from centralized exchanges in recent days? According to news reports, CryptoQuant posted on the X platform that BTC exchange withdrawals have reached the highest level since January 2023, indicating that BTC has entered an important accumulation phase. In addition, recent data shows that prices are likely to rise after the market cools down (BTC fell 10% last week).

Think about the speed and strength of Hong Kong's approval of Bitcoin and Ethereum spot ETFs. I thought that South Korea should launch them first, after all, the Korean won is now the currency with the largest cryptocurrency trading volume in the world!
According to the latest data: the global CEX platform Q1 Korean won trading volume exceeded the US dollar, reaching 456 billion US dollars. On April 17, according to Kaiko data, the Korean won trading volume on the global crypto market CEX in the first quarter of this year exceeded the US dollar, reaching 456 billion US dollars, and the total US dollar trading volume in the same period was 445 billion US dollars.
However, South Korea has not yet launched ETFs, but Hong Kong has decisively approved it, and several large public fund companies have come out in the first batch, and there are still a lot of top public funds that have submitted applications waiting for approval! Moreover, Bitcoin spot ETF and Ethereum spot ETF were approved directly at once. You know, the United States has been tossing around for so long and has only approved Bitcoin spot ETF!
It feels a bit impatient! The major fund companies in China have money but nowhere to invest and trade, and they are going crazy! After all, as a fund company, you have to trade and make money for your customers with your customers' money, otherwise they might as well deposit money in the bank and earn interest! You are still collecting expensive management fees every month, are you ashamed?
However, the largest trading market in China, A shares, is really beyond my reach!
The new National Nine Articles came out, and the A50 market reacted mediocrely. Although the National Nine Articles in 2004 and 2014 brought a bull market, the result was a fatal harm to the majority of retail investors.
The core of the National Nine Articles in 2004 was the full circulation reform. The result was that the original restricted shares could all be listed and circulated, and the price was raised and cashed out.
The National Nine Articles in 2014 brought about mergers and acquisitions, junk stocks soared, concept themes were operated, leverage was rampant, and finally a mess.
The final result of the first two National Nine Articles was that after twenty years, it was still defending 3,000 points.
What will the new National Nine Articles bring this time? It is not clear at the moment. If this new National Nine Articles is defined as the National Nine Articles of strong regulation, it may bring about good performance, value investment may become the mainstream, and good company stocks will grow. However, the biggest problem of A-shares at present is the unfair trading system. Giving junk stocks a break will cause serious resource mismatch, and funds will still go to junk stocks for speculation, cutting leeks through capital advantages!
All systems are in line with international standards, but the key systems have not been in place for a long time. This is the main reason why A-shares have not risen for a long time. In particular, the repo system is a cancer in A-shares. The United States also has repo, but U.S. stocks can be traded T+0, and retail investors can also borrow securities. Although A-shares can borrow securities with more than 500,000, it is difficult to borrow securities for short selling. However, the main force can sign a repo to short sell, and it does not need to borrow securities, and can be settled in cash.
In addition to quantitative trading, plus monthly option delivery and futures delivery (once a quarter in the United States), short selling is not negotiable. Therefore, it is not difficult to understand that A-shares fluctuate violently and are in a perennial bear market.
In a perennial bear market, no matter how much money is thrown in, it will be trapped and cut, so who dares to continue investing? Fund companies enter A-share trading and lose money every year, and they can't explain to customers. So when seeing this round of cryptocurrency bull market, a group of top American fund institutions have entered the market. How can they not be tempted by the trillion-dollar market in the global market in front of them?
Therefore, I feel that Hong Kong's eagerness to approve crypto ETFs this time is also due to the pressure of huge domestic capital. When hundreds of top public funds pour into Hong Kong's crypto spot ETFs, there will be a good show to watch. Everyone wait and see, hold your chips, fasten your seat belts, and sit tight! What follows may be a bloody battle of the century! If you succeed, you will be a king and a loser! As the saying goes:

The world's ups and downs are born in our generation, and the years will rush us once we enter the rivers and lakes.
The emperor's hegemony is in the midst of laughter and talk, and it is not as good as a drunken life.
Raising a sword and riding a horse, waving ghost rain, the bones are like mountains and birds are startled and flying,
The world is like tides and people are like water, and I can only sigh that few people return to the rivers and lakes.

Brothers, I wish you all live up to your wishes and return as young people!

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