The market has actually adjusted healthily over the past couple of days. Most cryptocurrencies have increased several times in the past month, so a 30% or 50% pullback is very normal. The upcoming market conditions are 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, there are still no large-scale inflows of funds from outside, and it remains a phase where people within the market are self-amusing. The rise of many cryptocurrencies is also driven by leverage within the market, so it is very necessary to clear leverage in the short term.
3. The adjustment period won't last long, and the second phase will begin before Christmas.
4. The leading cryptocurrencies in the second phase will be SOL or ETH-related. 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 catching up.
5. The deleveraging in the second phase (spike) will be even more aggressive than in the first phase, but the overall upward trend remains unchanged, so accumulating spot positions at low points is sufficient (like now). Frequently increasing leverage during a bull market will only accelerate your demise, so do not underestimate the exchanges.