We haven't figured out who is the butcher and who is the fish in the cryptocurrency world, and under this premise, technology + theory are all just illusions.

The market of zero-sum games is simply one person's money going into another person's pocket. Whether it's a bull market or a bear market, this essence will not change.

Because the number of expected interest rate cuts next year has decreased, the monetary easing does not meet expectations, which means that the Federal Reserve's future interest rates are still high. As a result, money has flowed from various countries, stock markets, and the cryptocurrency world into the US dollar, causing the dollar index to soar, and liquidity in the cryptocurrency space has dried up. Here, the valve has been opened, but the water flow at the end of the pipe is smaller, which can only indicate that there is a leak somewhere in the middle of the pipeline. Plus, many institutions led by Meitu, Sun Yuchen, and others have sold off as the year-end approaches, waiting for a dip to buy back. At this time, there will be a lack of liquidity, leading to severe panic selling.