According to Bloomberg, citing data from Swiss investment advisor 21e6 Capital AG, there are already more than 700 cryptocurrency funds globally this year. However, since the beginning of 2023, 97 funds (13%) have closed. In addition, the average return of these cryptocurrency funds in the first half of the year was 15.2%, lagging behind Bitcoin's 83.3% increase. The report states that due to industry turmoil last year, many funds held more cash than usual.

Maximilian Bruckner, marketing and sales director at 21e6, stated that market-neutral strategy funds performed the worst, with an average return of only 6.8% from January to June. Directional betting funds had an average return of 21.9%, but still lagged behind Bitcoin. While many funds had to slow down operations due to regulatory uncertainty from unpopular banking partners and fund management institutions, fully delegated cryptocurrency funds did not face this issue. Meanwhile, quantitative funds are more susceptible to market volatility. Many cryptocurrency funds have not outperformed the rise of Bitcoin. If you had bought Bitcoin at the beginning of the year and held onto it, you would have outperformed 95% of the market. Sometimes, the slower approach is more effective in the cryptocurrency market.

Michael Saylor, co-founder of MicroStrategy, stated that with large financial companies applying for spot Bitcoin ETFs and an overall optimistic environment in the financial industry, the cryptocurrency market is currently at a turning point. Bitcoin is a differentiated international asset for storing value and a digital commodity. Saylor also stated that if the US Federal Reserve holds some Bitcoin, it could enhance the Fed's credibility. Saylor explained that the approval of spot Bitcoin ETFs by companies like Blackrock and Citadel could change the landscape for retail investors and institutions buying BTC. He stated that considering the deep relationships between large tech companies like Apple, Microsoft, Amazon, and banks, if they are willing, they will be able to "buy a large amount of Bitcoin in a minute" through spot ETFs. It is highly probable that spot ETFs will be approved in the next one to two years. Once approved, traditional large funds will rush in, making it a money-making feast!

BTC:

Recently, many small coins have experienced sharp declines, and mainstream coins are also struggling. The market situation is very sluggish. Bitcoin is relatively strong, but it is also showing a bearish trend after breaking through. It is currently adjusting above the 120-day moving average. It is believed that the longer it stays sideways at this level, the more severe the subsequent decline will be. The 120-day moving average is probably not sustainable! From the recent significant rebound, the 30-day moving average has become a resistance for the rebound. It rebounds to the 30-day moving average and then falls back. It is expected to oscillate and adjust between the 30-day and 120-day moving averages. In terms of operation, it is advisable to maintain a high short strategy!

eth:

The daily chart of Ethereum has already broken through. If there is a rebound to the 120-day moving average in the short term, it is advisable to reduce holdings on rallies.

XRP:

XRP meets the judgment. It is likely to continue to decline as of today, and in the medium term, as long as it returns to the starting point of the rise, judging from the current trend, XRP will continue to fall!

ARB:

For ARB, it is recommended not to tinker in the short term. Be patient and wait for the arrival of the Cancun upgrade. By then, there will definitely be a big move!

LTC:

LTC has been continuously declining for four days with no signs of a rebound. In the medium term, it is still expected to decline. Losing the positive news, it is definitely going to be sold off. Those with short positions above 90 can try to hold for the medium term. For those who want to short in the short term, they can only wait for a big rebound to short again!

ETC:

Judging from the trend of ETC, it is very likely to see a large bearish candlestick in the near future. The strategy is still mainly focused on shorting at high levels!

Platform Coins:

BGB is oscillating at high levels, with no short-term trading opportunities. Be patient and wait.

Wealth Code:

Recently, many small coins have started to plummet, with no heat at all. It is not recommended to invest in small coins!

The above analysis is for reference only and does not constitute investment advice!

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