There will always be opportunities in the market, but the form of opportunities will change with the changes in the environment.

I read a book today. The author is a boss of a Japanese sales department. He talked about how he started to look at the market orders in 1999 and rushed to do ultra-short-term trading (dozens of orders a day). It was not until 2010 that the Tokyo Stock Exchange introduced the millisecond-level system and the European and American HFT high-frequency trading intervened. The era of ultra-short-term trading officially ended, and a large number of ultra-short-term traders turned to short-term trading (once a day or once every few days).

Looking back on the past few years, the liquidity of US stocks can be said to be the strongest in 21 years, especially small-cap stocks, which are naturally suitable for intraday short-term trading. The transaction volume is almost five or six times that of the current level. This year, the trading volume index has fallen, and intraday trading opportunities have gradually become less and less. The width of the market is also slowly decreasing. Funds are almost concentrated on the top dozen stocks, and the investment enthusiasm of retail investors is also slowly declining.

The currency circle is similar. The liquidity is concentrated at the top, and the small-cap stocks of Shanzhai have almost no outstanding performance. BTC is no different from large US technology stocks now. After the emergence of ETFs, the volatility dominated by US dollar funds is more certain.

So where is our path in the future? Are we at the turning point of a cycle again? Only a big crash can reshape everything and start over? #币安合约锦标赛 $BTC