Recently, the group messages have been overwhelming me a bit, with a dozen people sharing the same picture, followed by a line saying "Those who understand, understand," and then they start asking if it's time to get in. Frankly, when it comes to impulsively buying in, of course KOLs have some responsibility, but ultimately, it's still your own finger pressing the button. Don't take "I saw him say that too" as a get-out-of-jail-free card.

These past couple of days, I've been interpreting ETF capital flows, US stock risk appetite, and cryptocurrency price fluctuations as if they're all tightly linked. I'm not saying these don't matter; it's just that many people treat them as emotional switches—buying when hot, selling when cold. Anyway, I personally believe in one principle: understand the quality of collateral and the liquidation trigger points first, then talk about the direction. The more information there is, the more you need to leave some space for calmness. That's all for now.