The strong performance of the job market is accompanied by further interest rate cuts, and some people predict that the market will usher in a big rise in the fourth quarter. However, such a view may oversimplify reality. Although the interest rate cut is imminent, the process of balance sheet reduction has not yet ended, and the interest rate is still above 4%. In addition, the price of Bitcoin has exceeded $60,000, no longer at the level of $30,000 or $40,000. Investors like Buffett who hold more than 50% in cash are obviously waiting for the right time to buy.

As for the view that Bitcoin is a non-risk asset and Ethereum is a risky asset circulating on the Internet, I have a different view. Bitcoin is not only an alternative to the existing financial system, but also a hedging tool for global risks and crises, and an effective means of hedging the risk of $35 trillion in US debt. Bitcoin's swing trading is aimed at repaying huge US debts. Although this may take a long time, it is definitely more stable than the short-term fluctuations of US stocks. Therefore, Bitcoin is a brand new asset class that belongs neither to the traditional currency circle nor to US stocks, but a unique asset attached to the US dollar.

Twelve US spot ETF institutions hold a total of 930,150.38 bitcoins, of which BlackRock holds 367,472, Grayscale holds 254,367, and Fidelity holds 177,708. In comparison, how many do you and I hold?