In the past couple of days, various positive developments have frequently occurred in the cryptocurrency space, yet the market has not seen significant increases. Why is that?

Firstly, in Hong Kong, the U.S. has implemented legislation for stablecoins, which enhances the connection between the blockchain industry and the real economy.

Next, Ethereum is deepening its cooperation with major countries.

These are favorable events for the industry, beneficial for the development of the cryptocurrency market. The underlying infrastructure is becoming increasingly refined, and the number of practical applications is on the rise, leading to better industry growth.

However, relatively speaking, these are all long-term boosts for the market. Just because there are favorable developments does not mean that prices will rise; these positives lay the groundwork for the next new high.

In the short term, the main players have actually been offloading.

BTC's main contracts have been gradually offloaded since May 22, and currently, 90% has been sold. ETH's main contracts were slowly cleared out between May 11 and the price range of 2600-2700.

So why has the market remained so rigid for so long without dropping?

Because they need to slowly offload to retail investors, and many institutions have also started to FOMO into buying ETH spot.

This is why after May 17, the spot started to gradually increase, but it has never flowed out, because these large institutions are ETFs; they need to hold a certain amount of ETF spot without moving it.

Just wait, the non-farm payroll data released on Friday might be the moment for a sharp drop.