At the northwestern corner of Malta, Golden Bay, the soft slope of golden sand flows into the clear blue-green sea, embraced by ochre cliffs forming a pristine pool; the watchtower from the knights' era stands majestically at the cliff's edge, with the outlines of modern buildings faintly visible across the water. The air is mixed with the scent of seawater and warm pine soil, while children laugh as they tread on the gentle waves. Initially, I only intended to dip my toes in the sand and leave, but I stumbled upon the sunset sinking into the sea, transforming the entire bay into a molten furnace of gold. The clouds shifted from orange-red to deep purple, casting long shadows on the damp tidal flats. I decided to lean against the rocks and let the Mediterranean breeze turn the dusk into a lazy dream.

Opening the market, the daily trend of Bitcoin remains within a wide fluctuation range that has persisted for the past two months, with market trading volume decreasing compared to last year. After B announced the modification of market rules and introduced the mechanism for delisting the last position, the activity of clones has improved significantly at intervals, just as my uncle predicted when the rules were announced. The external market has shown much higher enthusiasm than the internal one. Today, Brother Sun officially tweeted to defend the rights of WLFI, and after CZ's new book (Life at B) was released, it stirred up a wave of excitement, reaching a new height in the business war with Old Xu. The conclusion of the US-Iran talks, which one could deduce with a mere toe, came without any surprises.

Brother Sun publicly accused WLFI, which has fallen by exactly 90% since its launch. The support of 75 million USD made him a guest at Mar-a-Lago after Trump was re-elected. Just when everything was developing positively, Brother Sun's cleverness in using HTX to quietly dump was caught red-handed, pushing him to the opposite side of the president, with over 400 million USD in assets frozen. As a result, today's internal strife in the project, 'project backdoor, abuse of authority, and financial security issues,' has stripped WLFI, this star Defi project, of its fig leaf, and Brother Sun finally couldn't hold back.

Will there be a solution to Brother Sun's situation? Possibly. But does the WLFI project still have a chance? It seems very difficult. In the world of on-chain Defi, once a project is proven to be able to arbitrarily modify rules and freeze assets, its pricing model will undergo fundamental changes, leading to its eventual demise.

CZ's (B's life) Uncle San took a quick look at it right away. In my understanding, this is a very typical attempt to define the early history of the entire industry through personal narratives. The early days of the cryptocurrency industry were a highly gray and contentious stage; any 'single version of history' that involves competitors' narratives will harm other participants during the same period, not to mention that such narratives also carry obvious subjective personal intentions.

So Old Xu couldn't help it. A tug-of-war that started ten years ago has intensified this time. The two heads of the world's top exchanges in the cryptocurrency market faced off against each other, sparking disputes over previously contentious contracts, halting withdrawals to cooperate with investigations, and personal marital issues, etc., leading to a spectacle that made both insiders and outsiders laugh. Perhaps this market still needs some time to wither away; everyone is indeed a bit too idle.

This morning, after 20 hours of negotiations, the US and Iran finally announced an end without reaching any agreement. Seventy years ago, the elder said: things that cannot be obtained on the battlefield cannot be obtained at the negotiating table either. Enlightening! Indeed, this time Iran was well-prepared, covering various agendas and details. After arriving in Bahrain, Vance even slept for four hours to adjust to the time difference, bringing along three to four hundred people, mostly focused on security. Negotiating according to the agenda and topics provided by Iran without preparation, Vance was almost about to say that we need some time to regroup and adjust our forces.

The news front is very chaotic, and the market's hot topics and public opinion are also very chaotic. The only thing that is not chaotic is the current market trading sentiment, which has remained consistently sluggish. Uncle San has always believed that macro-level news events, no matter how striking they may appear to be destructive or constructive, are only catalysts for the inherent trends of the market in most cases, responsible for releasing and amplifying the preset volatility, rather than fundamentally creating the direction of the trend.

Back to the market:

Bitcoin: The trend structure has consistently maintained a bearish structure in several articles. Uncle San has also emphasized that only liquidity can dominate the market. Looking back over the past five days, the data on Bitcoin is quite worth examining: spot and contract trading volumes have increased tenfold, OI and CVD became positive, and then the funding rate suddenly turned extremely negative, with spot prices consistently higher than contract prices. This situation often indicates that the main force is short-squeezing while building large short positions in batches. If enough sideways time is not provided, a crash would just be a gimmick. The four-hour structure focuses on the 70,000 point and 68,000 point, with a double support break indicating the end of the short-term trend fluctuation, and a new low trend is expected, with upper pressure at 74,000 points.

Ethereum: The trend structure is linked to Bitcoin, with a four-hour support level at 2030 points.#美伊和谈未能达成协议 #BTC走势分析