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.

The storm is coming, I hope everyone can go through the rest of the market safely.

The asset attributes of Bitcoin have been redefined in the past six months, and the new and old main funds have simultaneously completed the handover of pricing power. A new fund pool with Bitcoin as the core asset, ETFs and US stocks as capital inflow channels, and unlimited US dollar liquidity through the Ponzi model represented by US listed companies represented by MSTR has officially been launched.

As the price of BTC broke through $89,000, the market saw a long-lost bull market atmosphere, and altcoins rose sharply, among which many public chain tokens nearly doubled. The market recovery has not brought about the emergence of mainstream sectors. The market currently lacks a mainstream narrative, and this trend may continue for some time to come. In the absence of a main narrative, looking for Beta and Alpha based on the public chain ecosystem may be a feasible trading strategy for some time to come. Therefore, we explored a set of analytical frameworks and analyzed and compared Sui and Aptos, which have performed well recently, under this framework.

1/ The disorderly consolidation that lasted for 7 months has finally come to an end. The price behavior before and after the election clearly shows the liquidity dilemma of the market and the growing power of the over-the-counter pricing power that have been repeatedly emphasized in the past few months. The trading behavior of the past cycle is increasingly constrained by the change of the overall environment. The market has given all participants a clear answer. 2/ From the perspective of the market, all kinds of operations of altcoins are subject to the obvious lack of liquidity, and the price behavior has ended in failure. The upper limit of the market value of the fully circulated altcoins in the market this month is about 1 billion US dollars, and the price of new coins has lost its anchor and the high-speed rotation of the Meme sector has once again confirmed the problem of capital flow in the market. 3/ The strategy is no longer a cliché. Whether it is the future FOMC or geography, it is not a value-for-money factor that determines the general trend. The trend is overwhelming, and it is the best policy to continue to quietly accompany the growth of the industry.

The upward trend of encryption is still continuing. To avoid the net value erosion caused by the confusing long-short game at the end of disorderly fluctuations, the best strategy is to hold on and wait.

The wide range of fluctuations will eventually end, and the risk-return ratio of profiting through "selling high and buying low" will drop significantly. It is a wiser choice to stay focused on the market and do a good job of identifying the turning point after the market bottoms.