#加密货币ETF进展 Looking back, I have witnessed the rise and fall of countless projects. Now, seeing the progress of the Bitcoin ETF, I can't help but feel a surge of emotions. There was a time when we worried whether Bitcoin could be accepted by the mainstream market, and now the ETF has become a reality, yet it faces new challenges.

The inflow of funds has slowed, and the price is fluctuating between $110,000 and $116,000. I'm very familiar with this situation. Whenever the market is at a crossroads, there are always those who are anxious and uneasy. But history tells us that this is often a great opportunity for accumulation.

The current situation is quite similar to the end of 2017. At that time, Bitcoin had just reached the high point of 20,000 USD, and then entered a long adjustment period. Many believed the bull market had ended, but it turned out that was just the beginning. Today, we are also standing at a critical moment. The incremental funds brought by the ETF may have already been digested, but the long-term impact of institutional entry is just beginning to show.

The performance of the derivatives market is particularly worth paying attention to. The futures basis remains balanced, and the open interest in options has reached a new high, both of which are signs of a maturing market. Unlike in the past when the market relied solely on spot demand, today's market structure is more complex and resilient.

For the current consolidation, my advice is to remain patient. $114,000 is a key level, and if it can stabilize above this, it will lay the foundation for the next wave of increases. Even if it falls below $108,000, there is no need to be overly pessimistic. In the world of cryptocurrencies, pullbacks are often meant to accumulate stronger upward momentum.

History always repeats itself in new ways. Today's challenges will inevitably become tomorrow's opportunities; the key is to maintain a clear mind and insight into the essence of the market. Let us continue to observe and patiently await the arrival of the next turning point.