SEC Chairman Gary Gensler has once again stated his support for ETFs based on bitcoin futures, which would invest in bitcoin futures contracts rather than bitcoin itself, after having said the same thing in August. Looking at this statement from him, it feels like it will be difficult to get a bitcoin ETF approved on November 14, instead, some ETFs applying for bitcoin futures are likely to be the first to be approved, which can't be good news because these futures contracts are not on a large pie standard, but on a dollar standard, which means that regulators only need to hold dollars to manipulate bitcoin prices through futures without actually holding bitcoin, such an ETF through does not help the bitcoin price much, which is also a means for the US SEC to suppress bitcoin from the side, and the bitcoin ETF we are looking forward to, seems to be difficult to achieve this year. The South Korean Financial Services Commission has said that cryptocurrency service providers are prohibited from trading tokens they issue themselves. A brighter future is that compliant exchanges will only be able to trade those compliant cryptocurrencies in the future, meaning the days of junk coins running rampant are gone and there will be a merging of funds back to the value coin circuit across the board in the future, a boost to the market itself. Billionaire Orlando Bravo says he holds bitcoin and believes in the ability to measure the rise in value in the unm years. Another billionaire surfaced, these people won't just…
The data on the chain has not changed much, the market trend is healthy and still in the oscillation range. The wave of retreat in China is still going on, even Imtoken has started to retreat Chinese users, I believe this wave will continue, there will be no more China in the cryptocurrency circle map, Chinese cryptocurrency circle bigwigs have retired, the cryptocurrency circle in China has become the secret game of very few people.
Figure 1: Short-term holders have fallen to historic lows, meaning that selling pressure is hard to continue. Once the number of short-term holders rebounds in the future, it will bring the market up. Figure 2: Long-term holders continue to grow, which is the basis for the rise of the coin price. Figure 3: The exchange balance continues to below, the market supply is low and it is hard to have a big fall. Figure 4: Liquidity supply continues to decrease, no basis for a crash. Overall still healthy, no big up or big down logic, continue to shake mainly.