Looking at the current big picture, the U.S.-China trade friction this time doesn’t seem as exaggerated as it was in April. Both sides are exercising some restraint—despite the tough talk, there hasn’t been any further escalation in confrontation. Especially today, Besent indicated that Trump is still willing to meet with Xi Jinping, which shows there’s still room for easing tensions between the two countries. As a result, although U.S. stocks saw some pullback, the overall trend remains upward. What’s been tough for everyone today is that while U.S. stocks are rising, cryptocurrencies—especially $BTC—experienced a slight dip, sparking a wave of “end of the bull market” discussions among investors. From my personal perspective, U.S. stocks, especially tech stocks, and Bitcoin are still highly correlated. The temporary divergence might be due to market sentiment needing time to recover, especially after the liquidity drain from the October 11th drop. I actually suggest that for those debating bull vs. bear markets, it’s important to have a clear personal perspective. What’s the reason behind a bearish turn or the continuation of a bull market? Can this reasoning convince you to make trades in the market? Looking back at Bitcoin’s data, the turnover rate has decreased, indicating that most investors are gradually calming down. However, the main game right now is still centered around the U.S.-China trade conflict. If tensions escalate, it could further amplify investor panic. For now, I recommend staying on the sidelines—it’s the best approach. On one hand, the verbal sparring could escalate unexpectedly; on the other hand, it’s unlikely the two sides will truly become adversaries. Reconciliation is the more probable outcome—it’s just a matter of time. If it really escalates into a trade war, then the entire market situation won’t be worth betting on—it’s bad news for both China and the U.S. Looking at the current chip structure, I haven’t seen signs of investors panicking and exiting the market. The pinned weekly report also explains this quite clearly: there’s no systemic risk for now. Sponsored by Bitget ｜ @Bitget_zh