#数字货币市场洞察 Last night's market move was fierce. Bitcoin surged straight to $92,000, and Ethereum regained its footing above the $3,000 mark—but the underlying logic behind this rebound is far more complex than a simple price recovery on the surface.

The real turning point worth noting happened within the conservative camp of traditional finance. Vanguard, the world’s second-largest asset management company, suddenly opened trading permissions for BlackRock’s spot Bitcoin ETF to its 8 million clients. Keep in mind, this institution had been quite cautious about digital assets in the past.

The signal sent by this move is extremely clear: the crypto market is gaining an access channel to mainstream capital. Bank of America has also changed its tune recently, beginning to advise clients to allocate 1%-4% of their assets to digital currencies. When the conservatives start to loosen up, it often means the rules of the game are changing.

There are even more undercurrents at the macro level. Market expectations for a rate cut in December are nearly a consensus now, and the Fed has officially announced the end of quantitative tightening—this is the real bombshell. Although the policy effects may not fully show until early next year, capital always moves ahead of policy—the last time the tightening cycle ended, the market soared 17% within three weeks. This historical moment is worth reviewing.

My view is straightforward: this isn’t just an ordinary oversold rebound; it’s more like a dress rehearsal for a massive influx of institutional funds.

How should you proceed on the operational front? A few principles must be upheld:

Position discipline is always the top priority. If you were deeply stuck before and have finally recovered some losses, don’t rush in with full exposure. Risk management is always more important than chasing gains.

Stay sensitive to variables. The Bank of Japan may unexpectedly hike rates in December—if this black swan lands, a short-term correction will be almost unavoidable. But a pullback isn’t necessarily a bad thing—for those who haven’t built a position yet, it could be a second entry opportunity.

Don’t get carried away during the rally, and don’t panic during the dip. Mastering the rhythm is more crucial than chasing every swing. $BTC $ETH