Good morning ☀

A new day begins, and the countdown to Bitcoin halving is one week away. At this time of urgency, the crypto market has once again experienced a big flash crash, especially the contract market has seen a double kill of longs and shorts. This is also the most tragic large-scale liquidation in 2024. It is expected that many people will wake up this morning and find that their positions are gone, because the contract liquidation funds have returned to zero, but as long as you don’t cut your losses in the spot market, you will have a chance to turn over. Bitcoin fell to a low of US$64,845.4 in the early morning, and that is when large funds quickly entered the market to support it. In addition, with the increase in volume, the altcoins can be said to have been almost halved. Everyone is looking for the reason for this plunge. According to analysts, UNI has recently been targeted by the SEC of the United States. The SEC of the United States has great power and always cuts whoever is fat in the name of supervision. First it was Binance, then Ripple. At this moment, UNI, who will be targeted in the future? In fact, it doesn't matter whether the US Federal Reserve cuts or raises interest rates. The most critical thing is the US Securities and Exchange Commission (SEC). However, the US Bitcoin spot ETF showed a net inflow again last night. Let's take a look at the changes in the data: On April 12, 9 Bitcoin spot ETFs (including Grayscale) increased their holdings by 2,707 BTC, with a net inflow of approximately US$186.23 million. Among them, Grayscale reduced its holdings by 262 BTC, with a net outflow of approximately US$18 million, and currently holds 315,931 BTC, equivalent to approximately US$21.73 billion. BlackRock increased its holdings by 2,734 BTC, with a net inflow of approximately US$188 million, and currently holds 269,314 BTC, equivalent to approximately US$18.52 billion. On the news front, BlackRock launched a spot Bitcoin ETF advertising campaign on the Bloomberg homepage, which undoubtedly proves the growing popularity of this investment product. Since being approved by the US Securities and Exchange Commission (SEC) in January, BlackRock's IBIT has been a huge success. After only three months of trading, the ETF managed more than 263,000 bitcoins worth more than $18 billion. The countdown to Bitcoin halving is approaching. In fact, the market is fluctuating sharply at this moment, which is an opportunity for those who have vision to enter the market and buy at the bottom. It is expected that this kind of fluctuation will also lead to the liquidation of contracts.

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