Explain the timing and current position of the bull market reversal using BTC's on chain data holdings. As shown in the picture. The price trend of BTC is inversely proportional to the long-term holders of BTC, which means that when the BTC price is in a period of rising waves, the holdings of long-term holders begin to decline. Based on past trends, we are currently at position A in the chart (approximately), so a true bull market may take a few more months. From a macro perspective, if the time comes to July, it will be clear whether the economy will decline or not, and the inflation problem caused by tariff and progress in Russia and Ukraine will also be clear. Trump said that the problem of tax reduction in China may also be more clear, as well as the expansion of the table. This needs to be seen while walking. After all, the table is still shrinking, but it has slowed down. Meanwhile, in terms of the narrative of encryption, the ETF pledge for ETH in July has already been approved. And now we are on the eve of a rebound or further bottoming out. Why do you say that? It all depends on the upcoming tariff situation, as well as the situation between Russia and Ukraine. If tariffs can be eased and Russia and Ukraine can continue to resolve them, it will be conducive to the expectation of interest rate cuts and prices can rebound. Note that I am referring to a rebound, not a reversal. Because it still depends on economic and employment issues. All in April. 😄 On the contrary, tariffs continue to be aggressive, and Russia and Ukraine are also dragging their feet. So continue to be unfavorable for interest rate cuts, and prices should continue to panic.