Recently, we’ve definitely been in a macro vacuum period. This is the toughest time for cryptocurrencies without independent narratives. After all, U.S. stocks can still anticipate AI developments thanks to NVIDIA’s earnings report, so even in a macro vacuum, U.S. stocks can maintain some upward momentum. But for cryptocurrencies, sentiment has to rely on itself. Lately, there’s been a lot of buzz about a SOL spot ETF, so relatively speaking, SOL’s performance has been a bit better. Previously, I was chatting with @qinbafrank and Wu about SOL strategic reserves. My view at the time was that the strategic reserves were likely being held back, waiting to add the finishing touch once the spot ETF gets approved. For cryptocurrencies with less information, things might be a bit trickier. However, they’ll still remain highly correlated with U.S. stocks. My personal take is that as long as there’s no systemic risk in U.S. stocks, it’s unlikely that cryptocurrencies, especially BTC, will see a significant drop. This post is sponsored by Bitget ｜ @Bitget_zh