Good evening, brothers!

In his 1992 letter to shareholders, Buffett wrote: "The secondary market is often influenced by the foolish behavior of the public; no matter how outrageous the price, it represents the price at which the holder of the stock wants to sell. At any time, there is always a small portion of shareholders who have the thought of buying or selling. In many cases, the price of a stock is merely half of its actual value, or even far below half."

Buffett's words clearly express the beauty of the stock market: no matter how high the stock price is, there will always be "greater fools" entering at high levels; no matter how low the stock price is, there will always be "retail investors" cutting losses and fleeing. The peaks of bull markets and the troughs of bear markets are actually the results of trading. In 2020, some bought Kweichow Moutai above 2000 yuan, and in 2022, some sold Tencent Holdings below 300 Hong Kong dollars. It’s not hard to imagine how crazy the market can be.

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On December 4, it was reported that UBS's latest research indicates that the total number of billionaires and their wealth globally will reach a historic high in 2025, driven by soaring valuations of tech companies and rising stock markets. Currently, about 2,900 billionaires control $15.8 trillion in wealth, a significant increase from about 2,700 last year and nearly $14 trillion.

Notably, the number of new billionaires in 2025 is expected to reach 287, marking the second-highest record since UBS began tracking this data in 2015. This is only second to 2021, when massive government stimulus measures and a low-interest-rate environment drove up asset prices, creating more billionaires.

BTC: On the 4-hour level, the price continues to oscillate near the middle band of the Bollinger Bands.

On the daily level, the price continues to be constrained by the 30-day moving average.

In summary, the support level is 91,200, and the resistance level is 91,600.

ETH: On the 4-hour level, the price continues to stay above the middle band of the Bollinger Bands, and the price trend remains healthy, with a support level of 3,130 and a resistance level of 3,160.

LTC: The price has fallen below the middle band of the Bollinger Bands, and the price trend remains weak, with a support level of 81 and a resistance level of 84.

BCH: The price has fallen below the middle band of the Bollinger Bands, and the price trend is weak, with a support level of 560 and a resistance level of 580.

That's all for now, good night!

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