#加密货币市场流动性分析 Looking back on the past, I am full of emotion. Focusing on Bitcoin's performance during Thanksgiving these days, with sluggish trading volume and high volatility, reminds me of the ups and downs of the past few years. Having experienced many rounds of bulls and bears, I know that this short-term phenomenon does not represent a long-term trend. The current market situation is not so much a crisis as an opportunity. High volatility often provides good timing for tactical operations. However, we cannot ignore the fact that macro liquidity and capital flows are still weak. This reminds us to stay awake and view these fluctuations as "noise" rather than decisive market signals. Looking back at history, similar situations are not uncommon. During holidays, the market always experiences some abnormal fluctuations. But the real trend often manifests itself over the long term. We should look further and focus on more essential factors, such as the policy environment, technological development, institutional participation, etc. All of this reminds me of the madness of late 2017 and the cold winter that followed. The lesson then tells us not to be blinded by short-term fluctuations. Instead, we should take this opportunity to re-examine our investment strategy and ensure that it can withstand the various tests of the market. In this rapidly changing crypto world, staying rational and adhering to long-termism may be the most valuable experience for us veterans. Let's continue to observe, continue to learn, look at the present with a historical perspective, and prepare for the future.

Wall Street's "really fragrant" moment: when BlackRock CEO publicly admits that he was wrong about Bitcoin Remember the Wall Street tycoon who scolded Bitcoin as a "money laundering tool" a few years ago? BlackRock's Larry Fink. Now the plot has turned - the head of the world's largest asset management company not only publicly admitted his mistake, but also personally launched the largest Bitcoin spot ETF. This face is more fierce than market fluctuations. Interestingly, when retail investors shouted "digital gold" and were ridiculed as leek thinking, now institutions have entered the market and become a "strategic layout". Behind this cognitive jet lag lies the most naked truth of the financial market: the right to interpret the rules of the game has always been in the hands of players with greater capital. Fink was able to change his mouth not because he suddenly enlightened, but because the amount of information and decision-making resources he came into contact with every year was beyond the reach of ordinary investors for ten years. How should retail investors play? ** To be honest, don't expect to turn over by following the giants to "copy homework". When you see the news, people's positions have already been built. But the opportunity is not without it: - **Abandon illusions**: The entry rhythm of big money is always three positions faster than you - **Accept reality**: After the giants come in, the market will be more standardized, and there will be fewer opportunities to get rich in the short term, but the risk of long-term participation will be reduced - **Small temptation**: Use money you can afford to follow the trend, don't stud, don't take out loans There is an old saying in the market: you can't make money outside of cognition. But what's even more ruthless is that some people's cognitive upgrades rely on harvesting your tuition fees. When the wolf begins to learn to bark, you have to first hear which sentence is the real cry and which sentence is the bait. The "mutiny" on Wall Street is not scary, but the scary thing is that you are still playing today's game with the cognition of three years ago.

JPMorgan Chase & Co. recently threw out a blockbuster view - it is not the selling pressure of miners that really controls the trend of Bitcoin now, but the "hoarding philosophy" of institutions such as MicroStrategy. Analysts have directly pointed out that the key variables that determine the direction of currency prices in the short term are those giants who regard Bitcoin as a strategic reserve and do not let go. The "financial-level sitting Buddha" posture of micro-strategy is the real anchor of the market. Miners sell to cover electricity costs? In the face of the iron will of these institutions, that little selling pressure cannot make waves at all. This signal is actually quite clear: the market has quietly switched tracks and entered a new era of "the will of giants to set the tone". The lack of liquidity in the hands of these institutions constitutes the strongest bullish signal in the market. Liquidity is locked by large investors, and the balance of supply and demand naturally tilts to one side. To put it bluntly, the current Bitcoin market is playing a game of "who can hold it".