On June 24th, Mike McGlone, senior macro strategist at Bloomberg Intelligence, announced the contents of the latest "Encryption Outlook" report on social media, which pointed out that even if the spot bitcoin exchange-traded fund (ETF) applied by BlackRock really won Nor will the ETF launch until 2023, subject to regulatory approval. In addition, Mike McGlone also pointed out that the Federal Reserve has announced at the recent FOMC meeting that it will "raise interest rates several times" this year, coupled with weak liquidity and potential stock market bearishness, these are contrary to recovery expectations, so the encryption market will still meeting upward resistance