What we want is an abundance of liquidity and an increase in investment preferences for funds It's obvious that the current environment is not We need the Federal Reserve to continue easing, that is, to continue cutting interest rates and expanding its balance sheet At present, the reduction of the balance sheet will stop in December, which is a good signal. Although it does not mean that the expansion of the balance sheet is not far away, there is at least hope Then we will cut interest rates, which will face inflation, economic and labor data A large part of the reason for the December interest rate cut is the increase in unemployment rate announced in September, which can be imagined in October and November. Therefore, core officials of the Federal Reserve are calling for a rate cut But is this a slippery cut in interest rates? not There is also inflation, that is, Trump got tariffs at the beginning of this year, which is also mentioned by Ni Da in his article. So in simple terms, it means that we will have to play a game in the first half of next year to see if inflation is a one-time occurrence, if there is no problem, if it is controllable and then slowly declining If it is (if not, then continue the game), then the natural interest rate cut in the second half of the year will be even smoother. The loose and high investment preference of funds that we want naturally comes slowly At that time, it may be the true reversal of good market conditions brought about by liquidity. That's also why I say macro policies dominate the market. After the year 312 in 20 years, the Federal Reserve expanded its balance sheet QE, rescued the economy, and ushered in a liquidity bull. At present, although BTC has already exceeded 120000, we are still in the same state as we were at the end of 2019 or the beginning of 2020.