In fact, next year's liquidity is the key. If the Federal Reserve really starts a rate-cutting cycle, along with possible fiscal stimulus, the market's liquidity will be much more relaxed.

But to be honest, it's hard for anyone to make a judgment on this macro cycle. What I'm more focused on now is the current trading opportunities. After all, by 2028, that will be a complete cycle.

At this position, if there is indeed a significant release of liquidity, we should first see the reactions from the U.S. stock and bond markets. The crypto $BTC here basically follows along.

The key is still to manage positions well. Regardless of whether there will really be opportunities next year, we at least need to survive until that time.