I also talked about this with my friends today. The rise of the risk market is very similar to the trend from April 11 to May. On the one hand, Trump just got rid of the tense tariff problem (tariff delay), and on the other hand, he has expectations for monetary policy. Trump calls Powell every day. All the main emotions at present come from muddling along (tariffs until August 1) and the expectation that Trump will finalize the new chairman of the Federal Reserve in July or at least the candidate in his mind, but the bond market is not so optimistic. The 10-year, 20-year and 30-year US bonds all indicate that the Federal Reserve will not enter the channel of comprehensive interest rate reduction so soon. For BTC, it is still highly consistent with the US stock market. The decisions of US stock investors will inevitably be reflected in the cryptocurrency market, it's just a matter of time. Bitcoin has indeed started to increase in volume since last Thursday, but this volume has not reached a very high level. Compared with the peak in 2024, the gap is far, so the buying volume is not very strong, and more importantly, people do not want to buy. Previously, the higher the price, the more people wanted to sell, but now the higher the price, the fewer people want to sell.