Today marks the 540th day in a row that I’ve written posts, without missing a single day. Every post is carefully prepared, never perfunctory. [微笑] If you think I’m a diligent person, feel free to join me, and I hope the daily content can be helpful to you. The world is big and I am small, so follow me so you don’t have trouble finding me later. [微笑][微笑]

As for my thoughts on Bitcoin, I still haven’t changed my stance—it's too early to call the end of the bull market! From a macro perspective: Trump's new policies haven’t started yet, and the Fed’s liquidity injection has just begun!
In 2026, Trump’s new administration will begin supporting the crypto space, with a new Trump-appointed Fed chair initiating continuous rate cuts paired with aggressive liquidity policies. Seeing new all-time highs is not out of the question! The past two months can be considered a technical bear market, a period of aggressive market cleansing. In reality, Bitcoin’s price has not yet touched the institutional entry levels and is still within the safety zone.

In this bull cycle, most of the major holdings are in the hands of large institutions—BlackRock’s ETF and MicroStrategy. Unless they experience a major blow-up and are forced to liquidate their holdings, prices are unlikely to drop back to very low levels. These players have mobilized national resources to develop this sector, so the probability of it all becoming a joke is extremely low! The downside is limited; at most, we may see some bottom-range consolidation for a while, but the overall trend is still upward!