The market adjustment over the past few days has actually been very healthy. Most cryptocurrencies have increased several times in the past month, so a 30% or 50% pullback is quite normal. The upcoming market trend is as follows!

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

2. Currently, external funds have not yet entered on a large scale; we are still in a phase where the insiders are self-entertaining. Many of the rises in altcoins are also driven by leverage within the market, so it is very necessary to clean up the leverage in the short term.

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

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

5. The leverage cleanup (spike) in the second phase will be even more brutal than in the first phase, but the overall upward direction will not change, so buying the dip in spot assets is sufficient (for example, now). Frequently increasing leverage in a bull market will only accelerate demise.

6. In the first phase, I did not choose to 'exit at the peak' because I knew this was just the beginning. Many times, once you leave, it is very difficult to come back, or you will return at a higher cost.