Waking up, global assets hit a new high, but the cryptocurrency market has remained stagnant for the past four years. In fact, it has regressed. The Federal Reserve has been flooding the market with money during this period, and risk assets are the most sensitive. However, this sensitivity does not need to be immediately reflected in the market; it manifests in the moment price fluctuations begin. Previously, after Bitcoin retraced by 30%, the consolidation lasted about 3 months. This time, counting from early October, it’s been roughly the same, and there are about 10 days left for the market to form a consolidation structure. Above, there is a sea of bearish liquidity, and the main players have wiped out all the bullish liquidity after a year of liquidation, and then they nurtured a bunch of bearish positions. We will just watch and see how things change, and for short-term skirmishes, we can just enjoy the spectacle.