Gold is responding to a deeper change—a repricing of sovereign currency credibility and the effectiveness of global governance.

At the end of the year, it might be more appropriate to rest, reorganize, and think more systematically about the market.

Despite the looming threat of a bubble being clearer than ever, short-term risk management remains necessary.

我们明确的看好未来6个月的数字货币市场、未来1-2年的全球矿产和顺周期市场和AI衍生产业链。

我们的核心观点是：我们即将进入2008年以来最大的中美共同财政、货币双宽松周期，本次宽松的主线会是中美经济的同步复苏及货币、国际影响力的最激烈竞争。

比特币在7月迎来了百亿美金规模的新增抛压，然而在此刚性抛压下本资产内生波动率仍然不足10%，高度的筹码锁定在12万美金左右的再次确定令人咋舌，此类抛压除了证明资产属性外，只会改变最终周期的图形与结构，不会改变牛熊的事实，我们对后市依然非常乐观。

There will be a potential pulse market for ETH in the future.

New trading opportunities will emerge for ETH in the future.

Following our views in April, the prices of Bitcoin and global risk assets have bottomed out as expected this month. It is gratifying that Bitcoin has become the best performing US dollar asset after the recovery from the liquidity crisis for the first time in many years. As of the date of this month's report, the actual operating price center of Bitcoin has broken through the consolidation range in March.

This moment is just like that moment.

1/ This month's market has made many peers call out the view that the bull market is over, but we firmly believe that the fluctuation of Bitcoin here just confirms the previous view that this round of market has only reached the halfway point. This is mainly based on the trend fitting relationship between Bitcoin and US dollar risk assets, the reason for the adjustment of the US dollar system at this moment, and the re-strengthening of long-term logic and the re-confirmation of the moderate macro-regulatory environment. 2/ The weakening of a large number of copycats represented by Ethereum is the main pessimistic support for the market at present. As always, we insist on the view that Bitcoin and other crypto assets have been decoupled since April last year. The real macro-supported liquidity bull market has not yet arrived. At the same time, we should also pay attention to the huge uncertainty in the next round of capital flow path. 3/ Looking forward to the future, we believe that the high turnover range formed here has been broken, confirming that the market has entered a stage of re-consolidation and accumulation, but looking back at the historical trend of core US dollar assets such as AAPL, we believe that the real key support for Bitcoin is at 75,000, and there is no need to worry before that.

Bitcoin has fallen recently, but its status as a core asset of the US dollar has not been affected. With the regulatory trend being relaxed, US dollar assets are expected to maintain a volatile upward trend.

As more countries begin to discuss the possibility of Bitcoin as a reserve asset, the role of cryptocurrency as a strategic asset may be further confirmed.

The current altcoin market is very similar to coal stocks around 2015 - production capacity is being cleared quickly, market enthusiasm is declining rapidly, bad news and good news can no longer trigger industry fluctuations, and it is also facing the bloodsucking of alternative sectors (DEX) in the eyes of the entire market. However, there is nothing new under the sun. The first principle of investment is always liquidity and cheapness. There are gold mines that have been wrongly killed hidden in the ruins. We believe that high-quality projects are just waiting to be precipitated and shine in the industry's clearing.

At a time when there is no substantial improvement in the liquidity of the US dollar, there is still no hope for large-scale copycats.