The peak of the bull market will be in 2025, not 2024.

Don’t underestimate the macro impact. First, the high interest rate of the Federal Reserve has high loan costs for the US dollar, reduced loans, and tight liquidity.

Second, the high cost of deposits, people tend to deposit funds in banks, and liquidity is tight.

Third, the deposit interest rate is high, and people tend to sell US bonds and deposit them in banks. US bonds will fall in price. But the yield on US bonds at maturity is recorded on the face value and is unchanged. Because the yield on US bonds will rise (in fact, the increase in the yield on US bonds means that US bonds are worthless).

The 10-year US bond yield is recognized globally as a risk-free asset. When the yield on risk-free assets increases, global risk assets tend to fall in price.

Of course, due to the previous excessive release of water and the influence of BTC ETF, the big cake may still rise. However, this does not affect the stagnation of the cottage.

The bad news is that the cottage performance is not as good as the big cake. The good news is that the bull market is still far away, and we still have the opportunity to absorb funds. When the money is released, the funds will gradually enter the market.

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