下周降息后市场或有震荡，但不改中长期走好预期。

SEC新规将减缓财库公司的收购速度和规模，市场将之视作较大利空。

前瞻交易主导，美股重返估值高位，宏观数据利好9月降息背景下，市场向上缓行。

场内、场外资金共振，BTC启动本轮牛市第四波上涨。

If the on-site funds start to work and achieve resonance with the off-site funds, the fourth wave of BTC's rise in this bull market will come.

The internal structure is solid, and the short-term trend of BTC depends on the progress of the "geopolitical conflict".

A real breakthrough to a new level will require greater progress in the "reciprocal tariff war," "cryptocurrency policy," or the Federal Reserve's interest rate cuts.

With policy breakthroughs and capital inflows, BTC is becoming increasingly mainstream.

《稳定币法案》是迄今为止仅次于BTC Spot ETF批复的第二大行业利好。

加密市场内部明确出于扩张阶段，压制价格的因素只有外部条件。

短手浮盈刚刚超过10%，只有2%的筹码处于亏损状态，市场处于非常安全的状态。

After the revision from February to April, long-term funds entered the market, and the market became relatively stable after the chips were redistributed.

Trump's "surrender" and the Federal Reserve's "dovish" stance are the main driving forces behind the market rebound.

A large influx of funds for “bottom-fishing” in the stablecoin channel has pushed BTC to outperform the Nasdaq.

The main points of observation are whether the subsequent "reciprocal tariffs" will escalate conflicts, whether the Federal Reserve will cut interest rates "in a timely manner", and whether the US economy will fall into recession.