Let's first talk about the recent market. Firstly, the emotional fluctuations are quite significant, especially with the U.S. election approaching; retail investors' expectations are constantly reversing like a drama.

With the emergence of Trump's victory expectations, the market has experienced a transmission process from the first stage to the second stage, where the apparent good news is gradually replaced by potential risks. The advisor still believes that the market hasn't changed; only the expectations have.

First-stage expectation: Trump is about to take office, and everyone is thinking positively—tax cuts, falling oil prices, cryptocurrencies soaring, and the stock market skyrocketing along with Bitcoin. This rhythm is simply like "pancakes falling from the sky."

Second-stage expectation: Wait a minute, the pancakes might be toxic! Increasing tariffs, strict immigration policies will lead to Americans bearing the costs, rising prices, and inflation might just come back.

The Federal Reserve might have to call a halt to interest rate cuts while even raising rates; interest rates could rise again, and the dollar and U.S. Treasury yields may soar. So the market is retreating while shouting, "Wasn't it agreed to have fun together?"

Why is the market always so strange? First, look at the benefits and then consider the downsides, which is like everyone saying "It's fine, we'll talk after drinking" when drinking. As for gold, it was first, "Ah, interest rate cuts are coming!" But then one looks back and finds inflation returning, and gold rises accordingly.

The market's reaction is like that line from a Stephen Chow movie: "Actually, I just wanted to elect a president properly, but accidentally caused inflation." Looking back, the dollar index and U.S. Treasury yields have hit the ceiling.

Trump seems to be enjoying boundless glory recently, but let's not forget that Harris's fundraising in September far exceeded Trump's, and this year's voter participation rate has also hit a record—history proves that the higher the voter turnout, the happier the Democrats are. The election is like Bitcoin's movement in a bull market; the climax often happens when you least expect it.

To summarize, Trump's victory expectations have temporarily lifted the cryptocurrency market, like picking up pancakes falling from the sky. But with the arrival of second-stage expectations, inflation rebound and increased interest rate risks, in short, there is short-term play but greater long-term volatility. As small retail investors in the market, we still need to stay steady; we can win!