The explosive news today is that Grayscale submitted an application to withdraw the Yitai Futures ETF. Many people don’t understand why they gave up on themselves when the SEC didn’t even reject it?
Actually, Grayscale cannot be blamed for this. The ETF has been applied for several years, but it has been delayed again and again without any clear answer. Instead of waiting passively without hope, it is better to retreat and look for the next outlet. Anyway, based on the data and news, the possibility of approval this year is very slim.
The reason why Da Piaoliang is so slow is largely due to the collapse of FTX. A large number of altcoins are suspected of "token securitization", which brings risks to the local financial market.
Da Piaoliang’s consistent style is: since you have entered the market, you must firmly control the potential risks and the right to speak in the market.
So, we saw that just after the Da Piaoliang ruling on Binance’s CZ, it started to take action against Coinbase in the past two days, demanding that the platform remove some securities tokens.
Originally, Coinbase was in the limelight after the CZ incident. In the first quarter revenue report just released, the net profit was as high as 1.2 billion US dollars, and the total revenue was 1.6 billion US dollars, a year-on-year increase of 115%, of which trading income accounted for more than 90% of the revenue.
But even if Coinbase is a local exchange, Da Piaoliang still has no mercy. If you are asked to delist, you must delist. If you don't obey, the only outcome is destruction.
However, Tangren thinks that it is a good thing for the SEC to do so, because stronger supervision can reduce risks and eliminate more unnecessary bubbles, so that the inflation rate of copycats can be reduced and decentralization can be realized.
Let's talk about ETFs. Yesterday, Grayscale had a net outflow of 2,860 US dollars, a total of 299 ETFs. The inflow in the past two days has almost dried up and has fallen into a relatively stagnant state. This shows that most of the market funds are currently in a wait-and-see mood.
As for interest rate cuts, it has been mentioned in previous articles that currently the United States and European countries are in a competition of holding their urine. They all know that if they don’t cut interest rates, the economy will collapse, but no one is willing to be the first to step forward and implement it.
However, Tangren believes that this situation should not last too long. If fast, the results will be out in Q3. Please leave your comments in the comment section to see which country will be the first to cut interest rates.
In terms of the market, Bitcoin has been luring investors into buying during the day and then crashing the market at night for several days in a row. Just as predicted a few days ago, it is currently in a volatile market cycle with ups and downs.
The second level of daily exploration has begun to shrink, which is a signal to stop the decline. When the volume shrinks to the limit, it is time to give the direction. Currently, the daily line is still in a downward channel.
The support level of 64,000 points was broken in the evening. The next defensive position is 62,000 points. If this position is lost again, the 60,000 points below is a strong support position. Tangren believes that it will be difficult to fall below in the short term.
The recent market will continue to fluctuate between 60,000 and 65,000. The longer the fluctuation lasts, the more favorable it will be for the start of the bull market in the second half.
The concubine's performance has been rather weak recently. She has basically been hiding behind the big pie and developing in a servile manner, without any opinion of her own.
As for copycats, they continue to be beaten. The only ones that still have some vitality in the market are the meme series and AI. There is no way, the market has no money-making effect, funds are not active, and the big players are all taking a beating. It will take a certain amount of patience and time for copycats to come up with something.
Next, since the weekly level is under the premise of repeated fluctuations, the short-term operation strategy is based on this premise to formulate a quick entry and exit plan. This week, Tangren is optimistic about the following targets: RUNE CVX ACE LSK MTL
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