Not too much attention should be paid to the market factors on Bitcoin ETF, Judging from the current situation, the overall market liquidity is still not sufficient; In addition to the significance of being recognized by traditional institutions, the hype of ETF is more about providing liquidity. So next, it is suggested to pay attention to the following points:
1. Interest rate cut cycle: Even though the SEC has stopped raising interest rates at present, the overall interest rate still remains high; 2. Selling pressure: FTX, Mt.Gox, Silk Road and the profit-taking of short-term holders
3. Expiration of BTF: The Fed has made it clear that the bank term financing program (BTF) will expire on March 11 this year, another blow to market liquidity.