Looking ahead, we remain bullish on Q3-Q4 for rigidly constrained resources in the global supply chain, such as copper and electricity, as well as gold, which continues to price in the trend of monetary credibility erosion. For the digital asset market, we believe it will be difficult to see significant outperformance until excess liquidity is released and the marginal growth rate of AI is fully priced in.

This monthly report will focus on our thoughts on the current accumulation of market risks. To put it succinctly, we believe that disruptions to global supply chains since 2022 have progressively undermined the economic resilience and monetary-fiscal policy autonomy of countries such as Japan, South Korea, and Europe. This is quietly building momentum for future tremors in the global capital markets.

We anticipate this consolidation phase will persist at least until Q4 2026.

The long-term trend remains in an upward channel. We plan to add to our positions on dips with new capital.

Looking ahead, we are not optimistic about short-term crypto assets, but overall, we tend to view this round of adjustment as a continuation of the consolidation that began at the end of 2024. For Bitcoin, which has led dollar-denominated assets for two consecutive years, this adjustment has not altered the upward trend that started in 2022. From an international market perspective, we are bullish on the performance of non-ferrous metal-related industries in capital markets and some AI-disruptive industry beneficiary companies throughout the year.

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.