Today's market This is a day when the price range is narrow and the direction is unclear Let's first take a look at the chain and see what's happening on the chain hidden under the K-line. From the perspective of the chain, the meat cutting on the chain started again yesterday (with a loss of 1 billion yesterday), and last Friday was also a meat cutting of 1.1 billion Saturday and Sunday are closed . Cut on weekdays, not on weekends. Could it be that all the realized losses and losses on these chains come from ETF funds? In addition, around 30000 to 40000 BTC were transferred to the exchange at a loss on Friday and Monday. On the positive side, with such a large daily meat cutting volume, but the price has not hit a new low, it indicates that there is passive acceptance below. But are there any obvious fundraising actions? either. Coinbase premium is still negative, ETFs are still experiencing net outflows, and exchange reserves are increasing instead of decreasing This means that after these meat cutting coins are taken over and bought, they will continue to remain in the exchange's system for on exchange trading. The real fundraising period should see a large amount of coins being withdrawn from the exchange and reserves continuing to decline. So today's conclusion on the chain is that the pressure of cutting meat and throwing away has continued in the past few days. But there are also transfers, but this is a transfer of hands within the bottom, not a transfer of new funds for fundraising. Grinding the bottom may not necessarily be the true bottom. It can be said that many people may still be waiting for the 'last moment' (For example, many people wait for 53-55k) ----------------------- From the hanging order (Figure 2) The viewpoint remains consistent with yesterday Yesterday, the outflow of two billion yuan from ETF could not break through the range of 59~61k The upward buying orders were also absorbed by the spot selling orders around 60.5k . Due to the inability to break through in terms of funds, we will continue to work in small communities. Just the liquidity on both sides accumulates more and more After saving up too much, breaking through small neighborhoods may not be as simple as "fighting liquidity" .. The next step for those who have accumulated a lot may be to break through with liquidity This is the scene to pay attention to in the next two days -------------- Especially today, the situation of spot CVD (Figure 3) is not very good After Binance pulled one yesterday, the entire night and Asian market continued to sell. If Americans continue to throw today 59k is not so stable anymore Will there still be a wave of algorithms searching for an excuse in front of the market today? Wait and see . ----------------------- Anyway, the giant whales are all waiting below (Figure 4) Those hanging orders are just showing off, smash it, I'll take it. Today's plan is still the same as yesterday Squat in a wide range, around 58k at low altitude and around 62k at high altitude. And the opportunity to enter the model.