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The US stock market will open in the evening. Let me briefly say a few words. The macro environment in the United States has changed recently, so we have to lower our expectations for the short-term trend of the market. The US stock market continues to fall, and the Bitcoin ETF has also seen a net outflow across the board. The Japanese yen and the Korean won have fallen sharply. Simply put, the new US GDP data is seriously below expectations, while the inflation rate remains high. This is a typical stagflation. If stagflation occurs, inflation must be curbed. The expectation of interest rate cuts has fallen again, and risk assets are eating noodles across the board. This tone is difficult to change in the short term unless we see a change in new economic data. Therefore, the outflow of Bitcoin ETF may not be a short-term behavior, but a phased risk-averse retreat. Bitcoin is likely to experience a wave of correction next week, and 53,000-56,000 has strong support.

Let's talk about ETH. Although the ETF code of Franklin ETH has been added, this does not mean that the ETH ETF product will pass in May. The reason why Sun Ge has been buying ETH crazily recently is that he believes that ETH will pass sooner or later, as long as he is in the industry, this dividend will be reaped sooner or later. ETH was very strong yesterday, but it weakened again today. The trend of ETH after the opening of the US stock market is crucial. If it can return to strength, we can raise some expectations for next week. If it continues to be weak, the market will weaken, and it will be difficult for small coins to be driven up.

Let's talk about small coins. There is almost no money-making effect. The main reason is that the speed of new listings is too fast. Binance OK has one big project after another. The market simply does not have so much funds to undertake. The recent situation is that the previous one collapsed, and all the mined coins are the most suitable to be smashed online. Bitcoin Layer 2, Ethereum re-staking, inscriptions, runes, MEME and other hot spots are almost completely extinguished. They are in a stage of staring blankly. Watch more and do less. After the adjustment of Bitcoin is over, pay attention to small coins, which are cost-effective to buy.

Finally, let me mention A-shares. The reason why it has been so strong recently is that international funds have started buying it. Developed market currencies such as the Japanese yen and the Korean won are not as strong as the RMB. It will become the norm in the near future for funds to choose the RMB, which is resistant to declines, and the undervalued A-shares. Unfortunately, May Day is coming soon, and no one knows whether there will be new variables after a week of closure. But overall, RMB assets have been internationally recognized in this wave of the United States' harvest of the world, and there is no need to be overly pessimistic about the future stock market.