At present, the price of Bitcoin is strongly suppressed by OTC funds. According to CME position data, hedge funds have opened a large number of short positions. By purchasing ETF spot and pledging to CME, they can realize arbitrage between futures and spot. Based on this data, we believe that the foundation of the bull market is still there. OTC liquidity is still pouring in. The best choice at present is still to buy the ETH/BTC exchange rate at a low point. It is expected to rise to 0.06 at the end of June and early July.