There wasn't much content posted today, but I kept reading and didn't expect it to reach this point. This week, there is a data that I am quite concerned about, which is that the cash holdings of US fund managers dropped to 3.8% in October, which is lower than the 3.9% in September and August. Generally speaking, when this data is above 5%, it indicates that the market's risk appetite is very low, often corresponding to the bottom or risk period of the market. When this data is below 4%, it indicates that the market has a high risk appetite and a large amount of market funds are invested in stocks or risk assets. The current data is 3.8%, which is the lowest level in the past 12 years, indicating that fund managers do not have a lot of funds left and their positions are already heavy. Normally, this is already a signal of gradual departure. Because this represents a short-term top region or a precursor to a correction in the market. So many friends may say that you have seen the bull market of BTC, haven't you? ”Does that mean it's finished? It's not, it's just a short-term signal. Indeed, based on short-term information, fund managers have limited funds and it's difficult to push stocks up again. However, based on the data from the past 25 years, although there have been multiple instances of falling below 4%, the overall direction of the US stock market has been upward over the past 25 years. Therefore, I think this data is more of a "fund manager's turnover preference". When US fund managers start to reduce their holdings, it is indeed possible that some assets may fall due to profit driven exits. However, in the long run, as long as the company's performance is good and there is enough ability to generate revenue, the market will still buy again. The current AI follows this principle. In the short term, there is indeed a high possibility of a foam, but one day the foam has not been punctured, the market will bet. In addition, in the long term, AI's hematopoietic capacity is likely to evolve from productivity improvement to the "fourth industrial revolution", so that the market will pay again, as was the case with the previous Internet foam. And for BTC, the narrative is different again. The logic of Bitcoin has departed from traditional fund managers, and institutional and political drivers are still fermenting. Although BTC has no performance, a large amount of "trust" has led to long-term holders locking in a large amount of liquidity. The reduction of disposable retail BTC in the market will allow BTC to exert its golden properties more. Looking back at the data of Bitcoin, the turnover rate has almost halved. Although it was due to the weekend, it also indicates that investors' pessimism is beginning to ease. If it settles on Sunday, it will start to play again on Monday. The current dominant force is still affected by the shutdown. However, with the House of Representatives adjourning next week, the market is already anticipating it. There should not be any major issues between China and the United States. There's nothing else to say. If the fund manager shows signs of selling next week, causing a decline in the US stock market and driving down Bitcoin, I will prepare to buy at the bottom of the spot market. This article is sponsored by Bitget | @ Bitgetzh