Hello, this is Mayo. As you can see, the overall cryptocurrency market is still somewhat bearish, continuing to turn a bit red, showing more weakness compared to yesterday. It seems like this is instilling more fear in the Bitcoin market. This feeling is starting to arise. So, how should we view this psychologically, as we have now fallen from the previous peak of 69k? I would like to share my thoughts on this matter. First, let's check the Bitcoin chart. As you can see, in 2020, there was a peak at 69k, which has now collapsed, breaking below the 20-day moving average. So, in the short term, it is...

The main support line has collapsed now, which is critical. So, why did this sudden decline, which destroyed this major support line, occur? The reason for this, I found out after examining it, is that around 11 a.m. this morning, the news of the drop came out. Around the same time, news came out that a bill regulating cryptocurrency exchanges had passed in the U.S. Senate, causing backlash from the cryptocurrency industry. However, upon further verification of the news, I found that the news was actually based on an article published on CoinDesk on the 10th local time. So, I checked the original English article on CoinDesk and it was indeed the same article. However, the time it was posted was around 1 a.m., as you can see.

This article was posted at 1 a.m. today. Well, if that's the case, this is not an article that came out at 11 a.m. today, but originally, it was an article that came out in the early morning. However, the fact that it came out at 11 a.m. now, so I checked the exact time of the decline again. So, if you look at this, you can see that the actual decline started at this time. As you can see, the article came out at 11:09 a.m., and the actual decline, as you can see, started around 10:45 a.m. Just a moment ago. This article was published at 11:09 a.m., and the actual decline, as you can see, occurred around 10:45 a.m. I speculate that a sudden drop happened. So, from the perspective of a journalist, I am trying to write an article about why this decline occurred. However, it seems there is no proper material for the decline, but since this article was posted in the early morning, I am considering using this as material for the decline.

I wondered if the article was posted at this time. So, in conclusion, even though similar negative articles came out around this time, it doesn't necessarily mean a direct decline. I don't see any specific reason for the sudden drop from 69k to 67.9kg. Rather, if you look at the movement together, last night around midnight, it was rising. It even went up to 70.1k at one point, then turned back down. After that, it started declining from around 3:15 a.m., and since then, until 10:45 a.m. today.

Such a drop has occurred, so right now, it seems like the market makers are shaking it up and down from the perspective of the market maker forces. Therefore, I am thinking that in anticipation of the big event tomorrow, they might be intentionally moving it significantly up and down. Also, since the employment figures were released last Friday, the trading volume has significantly decreased. I have shared the data, so if you look, I have captured the trading volume on Upbit. The top trading volume is shown in Bitcoin, which is around 92 billion won, not even exceeding 100 billion won. As for Ripple, although it is a popular coin in Korea, the actual trading volume is only about 39 billion won. In addition, now...

With the growing expectations for Ethereum, we can see that Ethereum is not even in the top tier of trading volume. So, given the recent sharp drop in the cryptocurrency market after Friday's employment report, it seems easier for the forces to manipulate the price with lower volumes. Therefore, it appears that they are aiming to take advantage of the current fluctuations. If you look at the cumulative data for the past three days, you can see the recent trend in the futures market. Over the last three days, there has been a noticeable increase in short bets. However, this morning at 11 o'clock, a sudden drop occurred.

It completely liquidated the thick long betting volume like this, so in a way, from the perspective of the market maker, it seems that they have somewhat achieved the purpose of some speculation before the big event tomorrow. So, if we check not the cumulative for 3 days here, but the cumulative for 3 months, as you can see, roughly around 72k to 73k, and above that, up to around 70.5k, it can be seen that the shorting volume has been quite accumulated recently. Therefore, although there is still some long betting volume here, looking at it in terms of brightness, it can be seen that this area is much more yellow, and when looking at this, it can be seen that the short betting volume is more than ever.

You can see that it has increased, so this kind of article came out again yesterday. So, what can we say? It is said that Bitcoin's short selling is showing an all-time high, and there is a possibility of an unprecedented short squeeze rally. So, for those who know what a short squeeze is, when the price rises, the buying pressure increases in a chain reaction, leading to further price increases. Therefore, a representative example of this is the GameStop short squeeze in 2020. As this is so famous, it's like a scene from a movie. So, showing even the poster, GameStop's stock price skyrocketed, creating a real-life story. So, what was the situation at that time? If you look here, this.

So, this person who used to host the GameStop show quiz is now a key figure. So, this person discovered that, at that time, the amount of short selling in GameStop was much higher than the total number of shares issued. Therefore, it is likely that these short sellers will be cornered in a short squeeze situation. In other words, since the amount of short selling is much higher than the actual number of shares issued, if the price of the shares that short sellers can buy goes up, eventually, they will have to buy the shares at a higher price. That's why, instead of selling this on Reddit's bulletin board, they advised to hold onto it. And then, on a certain day, by pressing the buy button temporarily, the price will rise temporarily, causing the short sellers to buy at a higher price.

I had no choice but to buy, and as this happened in a chain reaction, when this short squeeze occurred, the GameStop stock skyrocketed. So, the key point here is that the amount of short selling is much greater than the number of stocks issued. By using this fact, one trigger caused this short squeeze. However, I can't help but think that the current situation of Bitcoin is somewhat similar to the GameStop situation. If I explain why I think so, there was an article released yesterday, on June 10th, about the US Bitcoin physical ETF absorbing two months' worth of Bitcoin mining in the past week. So, if you look into this article in more detail, last week, this Bitcoin ETF absorbed a considerable amount.

I bought 25,700 gay bitcoins, but in reality, the number of bitcoins mined in the past week is about 3,150, as you can see. An article came out saying that the amount of ETF absorption is about eight times higher. So, it can be understood that the demand is much higher than the supply right now. Therefore, when I compared the situation to GameStop a while ago, the amount of short selling in GameStop was higher than the number of stocks issued, so in reality, the supply was quite low. That's why I thought it's somewhat similar to the current situation. Ultimately, if you check the bitcoin holdings of all exchanges now, as shown on the screen, you can see that the amount of bitcoin being supplied is significantly low. So, when you check how the bitcoin holdings of all exchanges are changing, you can see that it has reached its highest point in 20221.

Back then, but at that time, the amount of Bitcoin holdings was roughly confirmed to be about this much, and then, since then, as it is experiencing a major downturn now, you can see that the amount of holdings has started to decrease rapidly. And so, as the Bitcoin price has been sharply rising since around this year, it can also be confirmed that the volume of the exchange is rapidly decreasing. Therefore, the current position is here, so currently, in comparison with the bear market in 2021, it has decreased to an all-time low. That's why even now, in the situation where the amount of Bitcoin on the exchange continues to decrease, if someone just pulls the trigger, a rise in Bitcoin may occur. Furthermore, as I mentioned earlier, in a situation where there is a record amount of show betting volume, if a short squeeze occurs, it could lead to even greater increases.

I wonder if it's possible. I also have such expectations. If so, what could be the arson? When I think about it, as I mentioned yesterday, tomorrow, both the CPI announcement and the Fed's interest rate decision will be on the same day. This could be a big event, so I think there might be significant volatility. Therefore, if you look here, the CPI announcement in the U.S. will be at 8:30 a.m. on June 12th local time, and so the announcement will be at 9:30 p.m. tomorrow in Korean time. Then, at 2 p.m. U.S. time, which is 2 a.m. the next day in Korean time, the Fed will make its interest rate decision, followed by a press conference by Powell 30 minutes later. So, it will be held after midnight tomorrow at 3 a.m., depending on what Powell says tomorrow, the direction will be determined.

Speaking from a lateral perspective, it may be another important issue. But when you look at the articles, Europe and Canada have already started lowering interest rates. Therefore, it is expected that the Federal Reserve will also make dovish remarks. So, ultimately, we need to open the lid to see what Powell really says. I rather anticipate that ahead of the big event, by turning downward like this, we may be able to reverse the direction as a turning point for tomorrow's event. So, if we think about this spring, the more we press it firmly, the higher it will bounce back. From that perspective, if we continue to press the current price like this, someone may pull this side handle in the future, which could actually

I would like to mention that there could be a further increase in the future. Therefore, as we are approaching a big event tomorrow, there is a high possibility of significant volatility. It seems like it is time for each of us to review our investment strategies and tactics accordingly. So, I think it's time to do that. Then, I will stop here for today. Thank you for always listening to my story until the end. The path to becoming wealthy, My Way.

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