#美联储降息预期 Seeing the market reaction after this wave of rate cuts, I feel a bit emotional. Although the Federal Reserve cut interest rates by 25 basis points as scheduled, the hawkish guidance it released instead dampened risk assets—planning to cut only once next year, which is far below the market’s previous optimistic expectations.

What’s most thought-provoking is that institutional investors have been continuously accumulating, adding over 42,000 Bitcoin since December, while retail investors are still under pressure to reduce holdings, suppressing the upward momentum. Behind this structural difference, it actually reflects varying levels of risk understanding among different investors.

Bitcoin has been oscillating around $90,000, with the next support level at $88,500 testing the market’s patience. Oracle’s earnings report falling short of expectations further casts a question mark over this "Christmas rally" story—those debt-driven AI infrastructure booms often fail to match the promised revenue with actual cash flow.

What I want to say is that at this moment, the greatest test is not which assets to choose, but whether you can maintain your position management rhythm. Not being swayed by short-term volatility, sticking to dollar-cost averaging instead of chasing highs, and letting time sift out those truly valuable assets—this is the right way to navigate cycles. The market’s uncertainty precisely underscores that long-term mindset and prudent allocation have never changed.