Regarding the future market trend, my judgment is that a correction is inevitable. Think about it—the cyclical characteristics of these assets are very obvious—most people are actually aware of this internally.

Why do I say that? The core logic is simple. The traditional financial institutions that should be involved have basically entered the market, and countries with policy attitudes inclined to embrace cryptocurrencies have also completed their layouts. Conversely, those institutions and regions that remain cautious or even resistant to crypto assets are unlikely to become the buyers at this stage. The result is that the potential for new inflows is gradually narrowing.

Looking at liquidity— the limited issuance nature itself determines the supply ceiling, which is completely different from the unlimited issuance mechanism of traditional assets. For the entire market to continue rising, it requires a continuous flow of new funds. But now? The growth rate of fresh capital has already started to slow down. Plus, over the past two years, risk awareness has clearly increased, and investors are becoming more cautious about balancing safety and returns.

Interestingly, a significant market decline actually goes against the interests of those who are profiting. In such cases, people tend to choose stability—a seemingly consensual tacit understanding. But how long can this balance last? We still have to wait for the market itself to brew the answer.