2024 May has passed one-third, and the anticipated "Red May" seems to have not arrived. News of breakthroughs is constantly impacting the market. From yesterday until now, many people are talking about "5.19" coming, and Bitcoin will fall to $42,000. Many people are cutting losses and waiting. I find this kind of operation a bit ridiculous. The cryptocurrency market is essentially a market driven by news. If the bull market does not experience several large fluctuations, it is not really a bull market. Currently, the factors that affect the market trend are nothing more than the Middle East situation, the escalating conflict between Russia and Ukraine due to NATO's intervention, and the interest rate issue of Meilian Reserve. In fact, you don't have to pay too much attention to whether Meilian Reserve will cut interest rates or not, because Meiguo is an untrustworthy country. They are thinking every day about how to harvest the world. It is also possible that one day they will suddenly announce an interest rate cut. Also, the Chairman of the Meiguo Securities and Exchange Commission, Gary Gensler, has been quite active recently, interfering with the cryptocurrency market at any time. These are the fundamental reasons for the volatility of the cryptocurrency market. Yesterday (May 9th), the spot Bitcoin ETF GBTC had a net outflow of 700 bitcoins, equivalent to approximately $43 million. ARKB had a net inflow of $4.5 million. BITB had a net inflow of $7 million. In terms of news, JPMorgan stated that the Wells notice issued by the Meiguo Securities and Exchange Commission (SEC) to the trading platform Robinhood (HOOD) should not be an obstacle to the final approval of the spot Ethereum ETF. JPMorgan stated that the legal actions taken by the SEC against cryptocurrency exchanges seem to be an attempt by the institution to influence Meiguo policymakers and legislators, and they will eventually be responsible for passing cryptocurrency market regulations at some point. If the SEC refuses to approve the spot Ethereum ETF, it may face legal challenges and ultimately fail. Therefore, the approval of the spot Ethereum ETF is certain. At this moment, the market has basically stabilized, with Bitcoin breaking through $63,000 and Ethereum reclaiming the $3,000 integer level. The bull market pattern in the market remains unchanged.