1. What is the leading project on the Bitcoin second layer?

I think there is currently no leading project on the Bitcoin second layer. Many projects have not yet issued tokens. Some of the projects that have issued tokens are relatively old projects. I believe that these older projects that have issued tokens are clearly not as competitive as new projects, both in terms of technology and TVL accumulation. Therefore, the future leading project will most likely be among the new projects that have not yet issued tokens. As for the specific project, we will have to wait for the market competition to provide an answer.

2. Can Ethereum ETF be approved this year?

I think it's more difficult to judge this than to predict whether the Federal Reserve will cut interest rates, because there are no clear, public policies and standards for it, so the U.S. regulatory agencies have a lot of leeway.

Since there is a lot of leeway in the operation, it will inevitably involve a game of interests and compromises. The biggest player in this game is probably the financial consortiums on Wall Street and the regulatory agencies.

In the long run, I believe that this ETF will definitely be approved, because the financial consortiums have already seen and reaped huge dividends from the Bitcoin ETF and it is impossible for them to ignore the second largest asset, Ethereum.

More importantly, within the existing crypto ecosystem, Ethereum has a complete infrastructure that allows developers to create various financial tools and applications, with a huge potential for innovation.

For example, BlackRock's various public actions and statements regarding Ethereum ETF have been the most obvious signs.

However, as regulators, there are also many issues to consider, such as: from a normal logic perspective, if the Ethereum ETF is approved, then there is no reason to block a series of other POS blockchain ETFs; but now that the Bitcoin ETF has just been approved, and then a series of ETFs are being approved one after another, the regulators will be questioned…

Sometimes I wonder if Hong Kong can act faster and take bigger steps in this regard?

In a series of Web 3 events recently held in Hong Kong, Miss Wood publicly expressed her admiration for the regulatory efforts in the crypto ecosystem in Hong Kong. I fully agree with her assessment. If Hong Kong can take the lead in the approval of the Ethereum ETF, it will play a very positive role in promoting, and also bring new momentum and vitality to the Hong Kong economy.

Speaking of Hong Kong, I recently saw an interesting piece of news: some domestic fund companies, including major funds such as Jia Shi and Hua Xia, are preparing to launch Bitcoin ETFs in Hong Kong. These actions are obviously targeting some high-net-worth individuals.

These actions objectively are preparing for the upcoming bull market.

3. What is the selling strategy for AR?

Just like all the coins I am bullish on, I will not sell AR for now, as long as the project team does not encounter any problems. I will only consider selling when the next bull market approaches its peak.

4. After the approval of the Bitcoin ETF, when those who purchased through the ETF make substantial profits and choose to sell, institutions will correspondingly sell. Will this potentially lead to a frenzy of selling ETFs and cause a frenzy of selling Bitcoin in the future?

I have also noticed this issue and have been observing it.

A very noteworthy phenomenon is that in the recent round of adjustments, Bitcoin dropped from a high of about $74,000 to a low of $61,000. During this process, ETFs have been consistently flowing out. This process is very similar to the behavior of retail investors buying and selling in the past.

And now it is not yet a bull market, and there is still the support of ETFs. In such a situation, Bitcoin still experienced a drop of nearly 20%. This indicates that in the upcoming bull market, a drop of 20% or even more for Bitcoin is entirely possible.

The reason I am also paying attention to this issue is because this characteristic is very important for formulating selling strategies in the bull market.

I have previously written in an article that I have been considering whether to adjust my previous selling strategy in the upcoming bull market. This requires observing a series of new characteristics and new rules that may appear in the market after the approval of ETFs.

The potential drop in Bitcoin is one very important indicator.

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