The market has recovered well, and institutions have started to sing too much. As I have mentioned many times before, many fundamentals have changed since the rebound from the bottom of 80600. The biggest change is that this round of big rebound is completely driven by spot prices! A bottom rise driven by spot prices often indicates a healthier long-term upward trend, so at this moment, I still maintain a relatively optimistic attitude. From the daily tracking indicators, the following signals are relatively persistent: 1. The total amount of stablecoins has continued to break through and has reached historical records, indicating that funds are constantly flowing in; 2. The expectation of interest rate cuts is becoming increasingly clear, and with the end of QT, there is still a high possibility of a new round of easing; 3. The major spot buyers have not yet surfaced, but there are many signals indicating that oil giants may have entered the market; 4. The stock of BTC and ETH on the exchange has been decreasing; 5. Ethereum has completed the Fukasa upgrade, making its position as the king of public chains more stable and its value capture increasingly strong; 6. Although US bond yields are rising, DXY continues to decline, and a weaker US dollar is favorable for the development of cryptocurrencies; 7. Coinbase has maintained a positive premium for several days, indicating that institutions have regained their confidence and enthusiasm for purchasing. The above is actually difficult to feel at the retail level, because retail sentiment is no longer important, or in other words, retail sentiment will not bring about the start of a bull market, but will bring about the end of a bull market. The future positive and negative news will be different from what people imagine, such as the Federal Reserve cutting interest rates, but may be biased towards hawks; And the Japanese yen's interest rate hike may be dovish. But it should be noted that the Federal Reserve will welcome a new chairman who knows how to "cut interest rates" in June next year, so the overall impact will be covered by hawks.