Recently, the uncertainty in the Bitcoin market has increased, and investors are concerned about balancing investment returns and risks. Although the dispute between the SEC and Grayscale may not have a quick resolution, the imminent sale of the 20,000 bitcoins held by the US government will create significant selling pressure in the market. Additionally, FTX is facing a $3 billion debt repayment, and a liquidation is imminent, which could lead to a market adjustment. In the short term, we need to closely monitor the support level at $25,300. Once broken, it may disrupt the short-term consolidation pattern.

Currently, the most significant impact on the market is the spot ETF. Grayscale won a lawsuit against the SEC last week, and the judge overturned the SEC's decision to refuse to convert the Bitcoin Trust Fund GBTC into an ETF, which has increased confidence that a Bitcoin spot ETF is imminent. It is expected that between mid-October 2023 and mid-March 2024, the cryptocurrency industry will see the approval of the first Bitcoin spot ETF. (It is expected that Grayscale and several other companies' Bitcoin spot ETF applications will also be approved simultaneously.)

In addition, following BlackRock's surge in Bitcoin spot ETF applications, Volatility Shares submitted an application for an Ethereum futures ETF to the SEC on July 28, and several US fund management companies subsequently submitted applications for Ethereum futures ETFs. Currently, there are up to 16 Ethereum futures ETFs awaiting SEC review. According to insiders, the SEC may approve multiple Ethereum futures ETF applications simultaneously. Volatility Shares plans to launch an Ethereum futures ETF on October 12, making it the first Ethereum futures ETF to be launched in the US through the standard process.

In the past few days, the market has once again experienced a deep decline, with both prices and trading volume remaining low. Compared to the entire market, most altcoins have performed poorly, except for a few projects manipulated by DWF or hyped by Korean investors.

Even if you participate in projects that are the focus of the entire network traffic, it is difficult to make a profit because of the strong manipulation by DWF. It is unbelievable that the price of some projects has risen from $3 to $10. When you realize that $10 is already expensive for the network and want to wait and see if you should short, the market pushes the price up to $15. When you think $15 is too outrageous and at least you can make a double profit, the market directly raises the price to $20.

Finally, you open a short position, but the market continues to rise to $40. At this point, you may still believe that shorting can be profitable, but your short position cannot withstand the pressure, and you do not have enough funds to continue adding to the short position, so you can only choose to liquidate or cut losses.

When the price of CYBER has dropped to the 6-dollar range, you review your judgment on its price trend and realize that you were right in predicting the price would fall, so you chose to short, but you were unable to profit. This is the reality of the cryptocurrency market. Only when lurking at low levels with relatively low risk can you obtain better investment opportunities.

In day trading, we recommend engaging in short-term long and short trades within the range of 25,600 to 26,150 and do not recommend participating in Bitcoin's spot trading, as setting stop-loss points is quite challenging. If spot trading is to be conducted, entry can be made at around 100 points near the two major positions.

Currently, there are many coins in the cryptocurrency market that are prone to sudden surges, making shorting easy to result in liquidation, so it is advisable to observe.

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