Actually, today's homework is not difficult to write. Almost everything was expected yesterday, and the only unexpected thing was the continued rise of CRCL. I really didn't expect it. But today's pullback in the US stock market has led to a pullback in BTC, which is a very normal thing. Yesterday's rise was driven by the Circle factor, which boosted sentiment, and on the other hand, there was Nvidia's financial report to determine whether the AI story can continue. However, the market currently lacks liquidity the most. However, it is difficult to fully realize liquidity through financial reports, and the high probability of liquidity upgrading is still due to the Federal Reserve's monetary policy. The time for the rise caused by emotions to be sustained is relatively short, especially as the articles currently at the top clearly state that institutions, hedge funds, and even retail investors are in a selling state. The cash stock of institutions is almost at the lowest point in history, and their positions are very heavy. The rise in this situation is likely to become an exit liquidity for institutions, and only when the institution's capital reserves become more abundant can it drive the rise in short-term liquidity. But it should take some time, and the focus should still be on monetary policy in the second half of the year and the midterm elections. Looking back at the data of Bitcoin, the turnover rate continues to decline, but the competition is also decreasing. This represents that investors' purchasing sentiment is starting to decline, and the purchasing power brought by emotions cannot last too long. The decline in the US stock market still prevents investors from continuing to chase after the rise. Of course, earlier investors have not changed much and continue to maintain a wait-and-see state. It can also be clearly seen from the data that the chip structure is still very stable, but the price changes depend more on short-term investors. Only during the rising stage or when the volatility decreases will short-term investors reduce their interest in changing hands. For now, we still need to wait. @bitget VIP， Lower rates and more generous benefits