Let’s talk about the reasons for BTC's drop last night, mainly influenced by the significant decline in the US stock market. Since the emergence of ETFs, as their scale has grown, two different impacts have arisen compared to the past. First, with institutions holding large amounts of coins, the drop in BTC and ETH will be somewhat limited, as institutions won't actively sell off large amounts of spot; otherwise, the overall valuation of other holdings would plummet. The second impact is that as the total market value of ETFs and institutions increases, they will be more influenced by the overall US stock market, primarily because investors' funds will balance across various assets, such as various margins. So, what direction will the market take in the next few days? Let's review. Note that this video is solely for personal review and does not constitute any investment advice. Please follow for daily updates.

In terms of news, Nate Geraci, president of The ETF Store, pointed out that the asset management scale of Bitcoin ETFs has approached that of gold ETFs in just one year. Institutional investors, including hedge funds, companies, and pension funds, have simplified the investment process by investing in Bitcoin either directly or indirectly, promoting Bitcoin's legitimacy as a long-term investment asset. Galaxy Digital predicts that by 2025, the US government will not purchase Bitcoin but will protect the existing supply and may internally research policies to expand Bitcoin reserves.

First, the conclusion, followed by technical analysis:

Regarding BTC: Predicted to fluctuate between 93000 and 97000. Last night, it was mainly influenced by the overall decline in the US stock market, following suit with a drop. The shape of the decline last night closely resembled that of the US stock index. As long as the US stock market stabilizes on Monday, BTC's upward trend will likely proceed smoothly; if the US stock market continues to decline sharply, a further drop cannot be ruled out. In the short term, it will mainly consolidate around the current position, with low probabilities for significant surges or drops.

Regarding BNB: Expected to consolidate between 680-720, maintaining a strong trend over the past 24 hours. It is speculated that platform coins currently have a relatively clear value support through airdrops, continuing to serve as a safe-haven asset in the short term.

Regarding ETH: Expected to fluctuate around 3200-3600. Last night, even with BTC and US stocks dropping, ETH performed well, with a minimal drop. If BTC continues to hover without significant breakthroughs, ETH may have the opportunity for a rapid increase in the short term.

Regarding altcoins: The trend in the past two days has generally followed BTC. From the trend, it is highly likely to consolidate around 0.3; as long as BTC does not fluctuate significantly, only minor fluctuations are expected, suggesting that the volatility of altcoins will closely mirror that of BTC.

Next is the technical analysis:

1. From BTC's K-line, the last four-hour candles are approximately 2000 dollars lower than the previous four-hour candles, followed by consolidation around 94500. In fact, excluding the impact of the US stock market's crash, the overall consolidation is very close to the situation around 96500 yesterday, with neither bulls nor bears gaining a significant advantage. Looking at the hourly chart, the trading volume continues to shrink, and all are in a consolidation phase waiting for a new directional breakout.

2. Greed and Fear Index observation: Currently at 72, which indicates greed, down 2 from yesterday, maintaining the bullish sentiment.

3. The funding rate for BTC perpetual contracts is 0.0056%, while for ETH it is 0.0090%. BTC has experienced a pullback, with an increase in short positions, while ETH is close to yesterday's level, indicating average shorting power.

4. Observing the maximum pain points of options within the next three months: In the next two days, the range is between 95000 and 96000; relative to the current price, observing options contracts, market makers have the motivation to push upwards. However, the overall volume is not high, limiting the impact on the market, but at least it won't hinder upward movement.

5. In terms of spot ETFs, 3000 BTC were withdrawn from the BTC spot ETF on the 27th, while the ETH spot ETF increased by 14,300. Even with the significant drop in US stocks last night, institutions continue to increase their holdings of ETH, which provides strong support for ETH at its current price level.

6. According to the RSI (Relative Strength Index), BTC is currently strong on a weekly basis, neutral over the past 24 hours, and Tether maintains neutrality on a weekly basis and for the past 24 hours, with selling pressure not being high; ETH still performs slightly better.

7. From the top escape index, it is currently in the mid-lower range, also indicating that the current position is not too high.

8. The BTC holding index has risen to 1.32, the index continues to decline, and those itching to invest can consider very small amounts of spot dollar-cost averaging; ideally, it would be best to reach 1.2, but this may be difficult to achieve in the near term unless there is a crash.

Overall judgment: In the short term, we are still in a consolidation phase, waiting for new information to emerge that could drive a new trend. Most institutions predict a very optimistic trend for next year, holding mainstream spot assets with low positions to gradually lower costs, so as not to miss out on the bull market's gains, achieving steady growth.