The market has actually adjusted very healthily in the past couple of days. Most cryptocurrencies have risen several times over the past month, so a 30% or 50% pullback is completely normal. The following are my judgments on the upcoming market:

1. The first phase of the bull market has ended, and after the adjustment, we are about to enter the second phase.

2. Currently, outside capital has not yet entered the market on a large scale; it is still in the self-excited phase of the existing participants. The rise of many coins is also driven by leverage within the market, so it is very necessary to clear leverage in the short term.

3. The adjustment period will not be long, and the second phase will start before Christmas.

4. The leading performers in the second phase will be SOL or ETH. This is my judgment after experiencing several chains. SOL is simple, has a low entry barrier, and has a grassroots base, while ETH has a demand for catch-up.

5. The leverage clearing (spike) in the second phase will be more intense than in the first phase, but the overall trend of rising prices remains unchanged. Therefore, accumulating spot positions at low prices is sufficient (for example, now). Frequently adding leverage in a bull market will only accelerate your demise; don’t treat exchanges like fools.

6. I did not choose to 'sell at the top' in the first phase because I knew this was just the beginning. Often, once you exit the market, it is hard to come back, or you will have to return at a higher cost. I believe the gains in the second phase will leave those who sold at the top in the first round astounded, smacking their thighs in disbelief. This trust comes from Wall Street/BlackRock/Trump/ETF, and that man.

7. Miners are the group closest to Bitcoin and have their own set of cognitive frameworks. The supply and demand relationship of mining machines and their prices often reflect the stage we are currently in. During the peak phases of previous bull markets, not only the price of $BTC, but even mining machines have to rise several times. So if someone tells me to sell at the top now, I can only say you’re a fool who has never seen the world.