Recently, several interesting signals have been observed. When looked at together, they may outline the market landscape for the coming months.

Let's talk about the macro background first. The government shutdown turmoil in the U.S. has just passed, and there are rumors that Trump may push for a new round of fiscal stimulus, which is said to be quite substantial. This reminds me of the famous "massive money printing" in 2020 — the unlimited QE during the pandemic, which directly fueled the crypto bull market in 2021. Not to mention the surge of BTC and ETH, what's even more outrageous is that wave of MEME coin frenzy, how many obscure projects surged a hundred times within a few weeks?

History certainly will not repeat itself simply. However, the market has a long memory, and the sensitivity of capital is even greater.

Recently, there have been some subtle changes in the market. Privacy coins like #美国政府停运 and the storage sector represented by $ZEC have seen a noticeable acceleration in capital inflow. This kind of rotation is usually not an isolated phenomenon—when mainstream coins are volatile and altcoins start to perform in turns, it often means that market risk appetite is increasing and liquidity is spreading to peripheral assets. In simple terms: money is starting to get restless.

However, what is truly worth paying attention to, I believe, is the Ethereum network upgrade in early December.

One of the core goals of this technological iteration is to significantly reduce Gas fees. What does lowering transaction costs mean? The barrier to on-chain activities will drop significantly, making small transactions and high-frequency interactions economically viable. And who will benefit the most from this? My judgment is that applications and assets within the $FIL ecosystem that rely on high-frequency interactions—especially MEME coins.

Speaking of this, we need to talk about the strategic thinking.

Many people are accustomed to waiting for "certainty" to appear before entering the market, such as waiting for the MEME season to completely explode, waiting for a certain coin to be listed on a major exchange, or waiting for the market cap to reach hundreds of millions of dollars... But by then, the early benefits have long been divided up. True excess returns are often hidden in corners that most people have not yet noticed—those early projects with a small market cap, just starting their communities, but with unique narratives and mechanisms.

Of course, this type of play carries extremely high risks. In the primary market, there is a 90% chance of going to zero, a 10% chance of doubling, and a one in a thousand chance of getting rich. Therefore, there is only one core principle: use spare money that you can afford to lose, diversify your bets, and prepare for the worst.

To summarize the clues I have seen:

1. The U.S. fiscal policy may loosen again, improving liquidity expectations.
2. The Ethereum technology upgrade is about to be implemented, and the on-chain ecosystem will become more active.
3. The altcoin sector has shown signs of capital rotation.
4. The MEME track has the strongest wealth creation effect in history and is highly related to ETH upgrades.

These points don't seem like much when looked at individually, but what if they resonate within the same time window?

The market has never lacked opportunities; what it lacks is the patience to identify signals amidst the noise and the determination to adhere to logic in the face of fear.