Share a few of my thoughts.

1: Let's talk about Bitcoin first. Unless there is a strong acceleration in the next wave, the old logic of the "four-year cycle" will basically come to an end after this round. It doesn't mean that there will be an eternal bull market or an eternal bear market afterwards, but rather that Bitcoin will gradually integrate into the larger financial system, and its pricing logic will be more aligned with the macro market. Its fluctuations will be influenced by factors such as global funds, liquidity, and interest rates. A deep bear market next year is almost certain, and a 50% drop is not surprising; the driving mechanism will no longer be "halving bull" or "cyclical recurrence," but rather asset re-pricing under global competition.
2: The performance of the cryptocurrency market this year has indeed been relatively weak. My overall return is about 25%, with a 30% gain from the A-shares, a 50% return from the US stocks, and only 20% from the cryptocurrency market. However, from another perspective, Bitcoin has increased fourfold from October 2023 to now, which is still considered a beautiful asset. The market has its ups and downs, but the trend remains unchanged; during this time, what needs to be done is to maintain a steady mindset.
3: The broad rise of copycat coins has long ended, and now there are only structural and localized opportunities. The focus should shift to major commodities like BTC, or to explore individual coins with strong narratives and popularity, such as HYPE and PUMP, which I personally like and will gradually increase my position in. Speculation is the baseline of this market, but now we need to be more restrained in our bets.
4: Finally, let's talk about position management. When the market is not performing well, you must keep your position light. Don't be impulsive or make random moves. Unless you are someone with a very strong heart, aggressive operations are mostly just asking for trouble. In this environment, it's better to earn less than to get shaken out.

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