Let me answer Ni Dada's question, the bull market is not over yet. Unless...... I originally wanted @SentientAGI to help me summarize the beauty of it, but I guess I'll just type it out myself @SentientAGI We can no longer have the concept of a four-year halving cycle; this four-year cycle has already been slowly broken by the approval of spot ETFs, strategic reserves, etc. We need to look at the macro cycle. Let's review, this round of the bull market should have really started in October 2023, when interest rate hikes paused, and then the interest rate cut cycle began in September 2024. We are still at the end of 2019 and the beginning of 2020, just that the previous macro cycle was very quick. This macro cycle is moving very slowly. Moreover, since 2023, there has also been the Trump election, who is keen on crypto, along with the stablecoin bill, strategic reserves, and more micro strategies, etc. By the way, there’s also the spot ETF, which has contributed to today’s $BTC. So what’s next? What’s the "unless" in my title?? There are two scenarios. First, we are in a rate-cutting cycle, and if suddenly U.S. inflation rises significantly, leading to a rate-hiking cycle, then the bull market would definitely be over. So how likely is it that a rate-hiking cycle will suddenly start? Currently, it seems very low. Second, there’s recession, and there are several types of recession, the most terrifying being something like the 2008 financial crisis. Because the rate cuts during a recession, as shown in the chart below, This decline lasted for a year. So let’s take a look at the current situation, the current interest rate is 4.25. If we start a recession now, a type of recession that cannot be controlled, we would need to lower 4.25 to below 0.25, which would take at least more than a year, and there would also be one last drop. This is the most frightening part, because during a recession, risk markets must fall. But once it’s over, it’s good; it’s just that this process is hard to endure. However, we are not yet in such a recession, so is it possible that there is no recession or a mild recession? That is, inflation steadily decreases, and interest rates are slowly cut; this is possible, but it’s hard to say right now. Then there’s another type of recession, for example, if the current rate is 4.25, and by Q1 or Q2 next year, the rate drops to around 3, at that time (or even until 2027), if a recession occurs, then the rate could quickly drop below 0.25, and it wouldn’t take a year. Moreover, with Trump being so aggressive and crazy, there would be a rapid V-shaped recovery at that time. There would also be one last drop in between. Then, accompanied by economic rescue, naturally, we would have the liquidity flood we desire. Funds would flow out of U.S. Treasuries in search of high-yield assets, namely U.S. stocks and crypto. To add, didn’t Old Powell say earlier that he would stop the balance sheet reduction? Yes, this stop will be speculated, but without real money coming in, how long and how high can this expectation be speculated? In other words, reducing the balance sheet only means not withdrawing water from this pool, but it hasn’t released water yet; releasing water requires a liquidity crisis to happen first. So this time estimate, whether the bull market still exists, the conclusion is already self-evident. It still revolves around inflation, labor data, and the economy. Let’s take it step by step.