In the past two weeks, the dark cloud hanging over the BTC price is not only the large and continuous outflow of spot ETFs. In terms of options, the increase in actual volatility and market concerns about the future market have significantly raised the level of front-end implied volatility.

“The expectation of Ethereum spot ETF has been fully digested by the market.”

The “Quadruple Witching Day” ended successfully last Friday, and the SPX index remained near its all-time high. The only asset class that suffered last week was cryptocurrency, with the main currency (BTC/ETH) falling 3% and altcoins being sold off sharply.

Over the past week, the prices of Bitcoin and Ethereum have experienced wide fluctuations and fell, reaching the peak of volatility on June 18. At the same time, the trading volume of these two cryptocurrencies also reached the highest level during the decline on June 18.

Sideways trading will throw ordinary investors out, and the market will rise just when you give up.

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In terms of macroeconomics yesterday, the number of initial jobless claims in the United States last week slightly exceeded expectations (235,000) and reached 238,000. BTC spot ETF has seen large outflows for several consecutive days, and the currency price continued to fall, breaking below the support level of $64,800.

Following the approval of the Ethereum ETF, the SEC’s Ethereum 2.0 investigation has finally come to an end, and Ethereum has once again won a phased victory in the public eye.

Markets are always changing, with new narratives and trends emerging and influencing the market as they grow in influence.

It may take as little as one hour or as long as five months; even giant whales know how to wait for the right opportunity to strike.

Yesterday (JUN 18), the monthly rate of US retail sales in May, which was called "horrible data" by the market, was lower than expected by 0.1%, and the previous value was revised down from 0% to -0.2%. In terms of digital currency, the market's focus in the past day was on Ethereum.

In the past 24 hours, Bitcoin fell below the $65,000 support level in the short term, and several mainstream altcoins fell by more than 10%. At the same time, the SEC ended its investigation into ETH 2.0, leading to a rebound in all ETH ecosystem currencies.

The total value locked in the crypto market is growing faster than the total market capitalization, with Ethereum L2’s TVL increasing 2.4 times year-on-year.

As more L2 projects come to market, the FDV of L2 tokens may continue to come under pressure and diluted.

He Yi: I hope that the circulation volume of projects listed on Binance will not be less than 10%.

Pectra is the next major upgrade of Ethereum and it will be more important than Dencun.