Trump loudly addressed the crypto industry, and the market rose in response—its effect was truly immediate. But we need to remain prudent about this. In my view, this round of remarks is driven more by the Trump family’s own interests, because their family has just personally stepped in to buy Bitcoin. Such statements do not touch the crypto industry’s fundamental fundamentals. The real “base” of the crypto industry lies in long-term, sustainable injections of liquidity. To achieve that, there are only two paths: first, to start a rate-cutting cycle; second, to formally pass the CLARITY Act. Therefore, as long as the current remarks are not centered on rate cuts or the CLARITY Act, it will be hard to change the market’s underlying nature—more often than not, it is only short-term sentiment as a catalyst. From this perspective, today’s rally may only be making room for the next leg downward. The clamor of the short term cannot mask structural problems; without real policy support, any rebound is ultimately unsustainable.