The current situation is actually pretty clear. From a macroeconomic perspective, there's no reason to enter a bear market, but looking at the smaller regional climate, the performance in the crypto space is indeed not optimistic. So honestly, everyone is feeling pretty conflicted and torn. If we use geological climatology as a metaphor, even during the two major Ice Ages, there were smaller interglacial periods, and even in the depths of an Ice Age, there were relatively warmer havens or utopias. This time, it's the first clash between Bitcoin's four-year cycle and the U.S. interest rate cut cycle. So, who do you think will have the bigger impact in the end? Personally, I lean towards believing: The power of the interest rate cut cycle will ultimately prevail, but its effects will be delayed. The real 'global warming' will have to wait for the macro winds to shift—that is, for the sun of the Federal Reserve to rise again.