I personally think Bitcoin is in the middle of a healthy rebound. Although the future remains uncertain, I’m optimistic about the upcoming market trends. I’ve been tracking contract positions for a long time. After the historic liquidation on 10/11, the terrifying drop on 11/21, and the dip-and-dump on 12/1, high-leverage positions have almost been completely wiped out. Both bulls and bears have surrendered. From the screenshots of the total contract positions across the network and CME contract positions, you can see that whether it’s USDT-margined or BTC-margined, BTC’s leverage data is quite sluggish. And now, during Bitcoin’s big rebound from 8.4 to 9.4, it shows that this rebound is entirely driven by spot buying. This is happening against the technical backdrop of Bitcoin’s 35% crash, which also filled the previous 9.2 gap. We have reasons to remain optimistic about the future trend. Retail sentiment is not the market’s fundamental driver—if anything, it’s the opposite. As Wall Street re-enters the game, leverage data will return, and at that point, Bitcoin will be pushed to even greater heights. When the madness resumes, the cycle will repeat. But right now, this moment is calm and beautiful.