Since the end of March this year, the cryptocurrency market has almost entered a flat phase.

Since the end of March this year, the currency market has almost entered a flat stage. Bitcoin has little trading volume, and the trading volume of the entire cryptocurrency market is also relatively small. Although BRC20 has brought heat to the market, it has not brought any positive impact on the price of Bitcoin. When BRC20 gradually cooled down and everyone lamented that the market was boring, the SEC took action. On June 5, the U.S. Securities and Exchange Commission (SEC) formally filed a lawsuit against Binance. Bitcoin fell from nearly $27,000 to around $25,000 in a few hours.

The next day, the SEC filed a lawsuit against another cryptocurrency exchange, Coinbase. Coinbase's stock fell 20% at the opening. Many media reported the SEC's lawsuit against Binance, including CCTV2. Some media believe that the SEC's lawsuit against Binance is to establish its authority. And many people half-jokingly said that the SEC is short of money.

Many people half-jokingly said that the SEC was short of money. Some data analysts also analyzed Binance's capital flow. Some friends are worried that Binance will experience a run like FTX did. His analysis data shows that Binance's Bitcoin can still support user withdrawals for 100 days, Ethereum can still support 165 days, USDT and USDC can still support 9.5 days and 12 days respectively.

Speaking of the FTX run, we can see that some people have also discovered this problem sensitively. The SEC is now suing Binance and Coinbase, but it did not sue FTX for misappropriating user funds. In the long run, when the SEC sues Binance and Coinbase, these specific details, such as how to define whether a coin is a security and the specific details of the exchange's operations, will provide guidance to the currency market.

The view is that we don’t need to be pessimistic about Bitcoin. However, we must remain cautious about the trends of the entire industry and altcoins. With the intervention of supervision, the entire industry may become more and more standardized, and the room for speculation will become smaller and smaller.