The spot Bitcoin ETF has seen a net inflow for 9 consecutive days, totaling $4 billion, while the spot Ethereum ETF has experienced a net inflow for 12 days, accumulating $1.9 billion. However, the market experienced a sharp decline yesterday. The old dog believes this is due to the excessive number of people opening leveraged positions in altcoins; the market needs to liquidate these leveraged positions for a healthy upward trend. There may also be a significant influx of funds, but the current mainstream market prices are at historical highs, and some altcoins are being targeted by whales, so they are using the crash to force retail investors to relinquish their cheap tokens.

Early this morning, Microsoft shareholders voted against a Bitcoin investment proposal, which led to a second price dip in the early hours. Additionally, a reporter asked Goldman Sachs' CEO whether they could make a market in Bitcoin or Ethereum, to which the CEO responded that they would evaluate participation in the Bitcoin or Ethereum market if regulatory changes occur, but currently, they are not allowed to do so. It is clear that Goldman Sachs wants to enter the market, but internal opinions are not unified. If they were to reach a consensus, they would certainly find a way to participate. After all, when it comes to making money, as long as the interests are sufficient, the rules will pave the way for you.

Currently, opinions on the market are divided. Some believe that the market is merely experiencing a rebound during a downward trend, and that there will be further dips to lower prices, asserting that the bull market is over and they have already exited with profits. Others believe that after the violent washout, the market will enter a prolonged consolidation period, possibly not seeing any improvement until next year.

However, the old dog believes that we may be at a short-term bottom.

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Looking at ETH and BNB, the two major mainstream coins that have not yet surged, the price dips yesterday and the further probing this morning did not break below the violent spike low after Bitcoin reached its historical high. Additionally, the liquidation amount yesterday reached the highest level of the bull market cycle, and the probability of a 25 basis point rate cut by the Federal Reserve in December is close to 90%. A large amount of capital needs to enter the market this month, so in the coming days, it is very likely that the mainstream market will rebound to the prices before the decline, or even higher. Once the mainstream market stabilizes, the altcoin market will likely experience a similar cycle of surges as before. If there are too many leveraged and profitable retail investors in the market, this situation will repeat itself.

Every moment in a bull market is extremely valuable; the closer we get to the peak of the bull market, the more violent the adjustments will be, and the shorter the time will be. The market generally does not give retail investors time to react, causing them to miss opportunities. There are still opportunities in the current market, and some altcoins remain at the bottom of the entire bull market cycle. If the coins you hold have not surged, you should hold on tightly. If you are currently in cash, you must fully invest in the coins you desire. If you cannot withstand a drop of over 50%, then your chances of doubling or even multiplying your position are basically slim.

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