BTC exceeded US$38,000, but it was full of conspiracy

Nakamoto 2025-9-23 17:10 92000人围观 BTC

On November 9, the entire crypto market rose sharply, with BTC exceeding US$38,000, with a maximum increase of more than 8%, to US$38,028 per coin. It is worth noting that BTC ecology-related tokens continue to expand their leading position, among which B

On November 9, the crypto market surged across the board, with BTC exceeding US$38,000, with a maximum increase of more than 8% to US$38,028 per coin. It is worth noting that BTC ecology-related tokens continue to expand their leading position, among which BADGER and ORDI lead the market rise, with the largest increases exceeding 60% in 24 hours.
The driving force for this increase still comes from the progress of the approval of BTC spot ETF, but it may be that some investors "blindly follow the trend" or are influenced by the public opinion incitement of some well-intentioned people.

According to Bloomberg analysts James Seyffart and Eric Balchunas, starting from November 9, the US SEC will open a short window period and may approve all 12 spot Bitcoin ETFs at the same time, including Grayscale’s GBTC. This window period will be open for at least eight days until the end of November 17.
Analysts said that even if it is not approved this month, it still believes that the possibility of approval on January 10 next year is 90%. But in theory, the SEC could make a decision on the first nine issuers on the list at any time between now and January 10, 2024. Although the SEC quickly issued delay orders to most ETF applicants, including BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity and Valkyrie, the grayscale GBTC conversion progress reported by Coindesk once again attracted market attention. According to Coindesk, a person familiar with the matter revealed that the U.S. SEC has entered into negotiations with Grayscale on the details of the company’s application to convert its trust product GBTC into a spot Bitcoin ETF, which may have a significant impact on the encryption industry. To put it bluntly, in the past period of time, most investors have been rushing into the crypto trading market like a demon, which is abnormal. The FTX case has just been "finished" and now you have lost your mind and stopped thinking again?
The investment sentiment of retail investors is currently at an "all-time high" state. Their large-scale accumulation of purchases has caused the Binance exchange to have a net outflow of more than 16,000 BTC in a single day. In fact, institutions and whales may be selling at this time. This is also something that makes Bi Lei Zhen very confused. One was clearly issued a "delay order", and the other was an "informed person" who did not want to be named. It is clear that the two so-called "huge benefits" are "normal procedures" or do not make much sense. Why did it cause retail investors to go crazy? The crazy world is indeed incomprehensible. If the situation ferments again, with retail investors' crazy accumulation of holdings, the possibility of a short-term breakthrough of 40,000 US dollars cannot be ruled out in the short term, but BiLeizhen is very doubtful about the sustainability of the rise. Moreover, this looks very much like a "game", similar to a "pig-killing plate", using unfounded but seemingly natural things to attract retail investors to take over at a high position. If this is really the case, you need to keep your friends vigilant. It is very likely that capital has taken advantage of the FOMO sentiment of retail investors to take the opportunity to ship. Although Bi Lei Zhen also holds long-term tokens, he still maintains the view that the current market does not have the conditions for a real bull market unless interest rates begin to be cut or the U.S. Treasury Department starts printing money again or the encryption bill is implemented and is beneficial to the development of the industry.
Obviously these conditions are not met, and the supervision is still pending. Not only are the SEC, CFTC and other regulatory agencies implementing supervision, but just in the past day, the Biden administration also applied to Congress for regulatory authority, hoping to combat the illegal use of cryptocurrencies related to Hamas.
Therefore, I hope that my friends can read the BiLeizhen article in time and make corresponding adjustments, at least to be aware of it. The above are all personal opinions and do not constitute investment advice! ! ! Thank you for your attention. If you have different opinions, please feel free to communicate via private message! ! !