Today's Market Analysis

$BTC had a net outflow from the ETF today, which should mark the beginning of a correction phase. There will definitely be opportunities to buy low later. The bulls will at least manage this month's market; the decline is just to eliminate leveraged positions. A rebound will come soon, but whether it will continue to rise requires further observation of the macro-level supply sustainability. The short-term support level is 115000-116000.

I mentioned the adjustment of $ETH yesterday. It's impossible to sustain such a degree of increase in prices and indicators without a correction, unless it's a pump-and-dump scheme. Once the indicators are adequately repaired, a rebound will occur. Today's downward spike was also aimed at eliminating leverage. After the first adjustment, the bulls should immediately rebound to nearly the previous high position to accumulate supply. In the short term, it will likely be unable to directly break through 4000; it needs to pause and allow for some turnover below before the rally can continue.

Altcoins are focusing on the rebound of SOL today. SOL has become the doomsday vehicle this time. The large market cap coins mentioned above may continue to be added to the reserve strategies of U.S. listed companies; this will serve as a future indicator. However, I believe that the focus will still be on application-oriented public chains. Going forward, one can buy based on news—whichever shell buys what reserves should be followed. It somewhat resembles the scenario in the second half of 2021 when Three Arrows Capital intervened in DEFI cryptocurrencies.