#BTC This time it’s just a casual chat~ I don’t have any opinions.

Liquidity ↔ Narrative ↔ Currency Price / These three are mutually reinforcing and connected. Without any of these three, there will be no bull market.

The purpose of the bull market is that the increase in currency prices drives the amplification of greedy leverage, which requires liquidity and narrative as important aids. The currently known narrative is the upgrade of eth, the "unknown post-era" and the halving of BTC production.

But at present, these two narratives are no longer enough to leverage the existing currency market to continue to increase the market value of the bull market in the past.

Because the overall volume has undergone a qualitative change, and more traditional institutional investment participation will also create the rationality > emotion of the market to a certain extent. (In my understanding, bear market = rationality, bull market = adding leverage Sentiment) Therefore, the next round of bull market, which will see a large-scale overall increase in market value, requires more sufficient liquidity and more creative narratives.

So far we have pinned our hopes on many sections, but these sections are only on paper and struggling powerlessly so far. It’s not that I am pessimistic, but if I think about it from another angle, maybe it is true that the bear is as long as the cow is as tall.