#SEC主席：IPO改革，散户参与更容易 🔥 The “big pancake” rebounded from 5.9 to 67,000. This pullback isn’t the sky falling—it’s just a normal breather.

That previous rally climbed too fast, like a dog that hasn’t eaten for three days suddenly spotting meat and biting down on 67,000 in one go.

Now it has pulled back to around 65,000, and a lot of people are panicking.

But after going through the liquidation data, I can tell you that around 64,400 is indeed a tough wall.

How many orders the shorts have stacked at this level—I don’t even need to calculate. I already know.

If this level holds, then those who missed the earlier move still have a chance to get on board.

But what if it doesn’t hold?

Then we’ll have to see whether 63,000 can catch it.

The problem right now is that market sentiment is still hot. Those who bought the dip earlier haven’t sold yet, and the shorts also don’t dare to get too arrogant.

In this kind of situation, it’s easiest to get stuck in the middle—neither one thing nor the other.

Personally, my market feel tells me that around 64,400 could be a short-term dividing line between bulls and bears.

Don’t rush to chase it. Wait for it to show its stance.

If it’s a fake breakdown, it will snap back quickly.

If it truly breaks, then you’ll have to wait for the next support.

But the atmosphere right now clearly shows that the people who missed the earlier run are waiting for this pullback.

They want to get in, but they’re afraid of getting trapped.

I understand that feeling better than anyone.

Earlier, you watched others eat while you stayed in cash.

Now the “meat” is on the ground—do you dare to pick it up?

That said, earlier a certain institution’s chairman, Paul Atkins, stated his intention to reform the IPO system and lower the threshold for retail investors to participate.

At first glance, this seems unrelated to the crypto world. But in reality, it’s the same logic: lower the entry barrier for quality assets.

For the crypto market, this means that in the future more funds may flow into traditional primary markets first, which isn’t a good thing for the short-term liquidity of $BTC/$ETH.

But in the long run, with the cost for retail participation lowered, the overall market capital pool will expand—and ultimately, those funds will still rotate back into the crypto market. ​​​