Let’s talk about macroeconomic trends first. Since the crypto industry has been in a "waiting for Godot" mood for a long time, in fact, the negative effects of the Federal Reserve's interest rate hikes have been priced in ahead of schedule, and panic has been corrected with constant "acceptable expectations." Therefore, when the news of the Federal Reserve raising interest rates by 50 basis points is released as usual, not only will it not cause too much panic in the market, but it will also be beneficial because the expectations are fulfilled and no unplanned conditions occur. As a digression here, although the Fed has released its December forecast, its terminal interest rate (the final interest rate in the interest rate hike cycle) will definitely exceed the Fed's forecast in September this year. In September, the Federal Reserve expected the terminal interest rate to be 4.6%. By December this year, the terminal interest rate had already reached 4.5%. However, the interest rate hike cycle has not yet ended, and it is inevitable that the terminal interest rate will exceed the estimate. Therefore, we are bullish in the short term and bearish in the long term.