Today's market The market was quite bad yesterday Mainly due to differences in funding . On the one hand, ETFs have flowed in another 700 million yuan But from the price, you can't tell that it's like an inflow of 700 million yuan . Divergence can be seen from spot CVD . (Figure 1) From the CVD aggregated across the entire network, both spot and contract stocks are actively selling .. Binance CVD falls from high point -2000 Only Coinbase is actively purchasing (net inflow of ETF) The net inflow of 700 million yuan, equivalent to the ETF purchase, caught the selling pressure from Binance and other exchanges ... Are these ETF funds a clever pursuit of price increases, or are they two fools selling from other orders? I don't know .. ------------- From the perspective of the price range, although 84k and 85k have been taken over here, the overall structure is still weak. Today, after a brief turnaround and purchase, Binance did not form an SFP and rushed down . The oscillation in this range has not ended, but the probability of breaking through yesterday's low point is increasing. The attempt to expand the oscillation range upwards has failed . Today we need to observe if we want to break through 85k. -------------- From yesterday to today, several waves of large downward pressure aggregation have reached a delta of -1 billion (Figure 2) Undertaking all around 85k It's impossible to guess if 85k can hold up here . (Whether to successfully absorb selling orders or fail to absorb them) I personally prefer to test it further down . On the one hand, the sell orders for both spot goods and contracts are currently increasing (Figure 3) On the other hand, the selling pressure continues, and the wave of long positions around 85.5k has not caused the price to rebound, but has now been trapped (Figure 4) Next, squat down and clear down until you can see a noticeable increase in volume and absorption