Just a few days later, the stagnant market was completely ignited with passion after RAVE pulled up 80 times within the month. Following closely are neiro, bio, and today's most eye-catching three-piece set of inscriptions, which brought the call for the altcoin season to its peak. From the outcome, it is indeed true that after Binance changed the rules for altcoin market makers, the initiative of altcoin project teams to actively market has significantly increased, which adds obvious vitality to the entire market.

But the reality of the market is that the successful example of siren has pulled up a team that uses high-control Alpha to push up the price, laying low positions at the contract bottom, and relying on short-term high fees to complete a short-term liquidity harvest with a new type of market maker profit model. The market has indeed been pulled up, and not just a little; the contract positions are generally more than a hundred times the spot positions, and the shorts are being forced to close out, which is simply delightful.

After nearly two months of short squeeze on Bitcoin and Ethereum, the supply and demand have finally shifted as the Nasdaq hits a new high. Currently, the long positions are steadily increasing, and the final change in the market will land within the next week. Uncle San has previously stated that the only factor that can determine the market trend is liquidity; all other external messages can only serve as short-term catalysts to amplify short-term fluctuations, including the gradually desensitized US-Iran conflict.

Affected by the Nasdaq's new high, the net inflow of Bitcoin spot ETFs has reached 596 million USD in the past two days, while the net inflow of Ethereum spot ETFs is 120 million USD. ETFs are showing a high inflow trend, but prices have not provided positive feedback upwards, indirectly indicating an adjustment in the short-term supply and demand relationship. The market at this crossroads indeed feels awkward; there is support below, but upward continuation is not feasible; there will be violent fluctuations in the short term, but the main players are still considering the final direction.

After going through two rounds of bull and bear markets, we might as well extend the cycle to give ourselves a clearer judgment. The true bull market restart often occurs when a single main line is extremely clear, with funds highly concentrated, while market sentiment is hesitant. During the process when no one believes it, the first phase of broad market gains is achieved. Unlike the current situation where the market has fallen repeatedly, leading to a short-term concentrated liquidity harvesting mode that stirs emotions, followed by chasing and getting trapped.

This is why Uncle San has always emphasized that no matter how high this round of short squeeze can reach, as long as the fundamentals of liquidity do not change, all previous optimism will lead to losses. Only after experiencing extreme despair, and after a large number of players who cannot persist gradually withdraw, will the dawn of the market emerge. Coupled with the opening of the Federal Reserve's liquidity valve, "bulls rising" may become the new narrative.

Uncle San finally throws out a question: after the last liquidity clearance, who will take the final baton? Will it be you?

Back to the market:

Bitcoin#比特币价格走势 : From the position of open interest, the short squeeze is nearing its end. The possibility of a final upward spike is quite large, with the previous short pressure level at 74,000 points being repeatedly trampled, and the high liquidity gathering point at 76,000 points being strongly acquired. The market trend currently shows a relatively clear local peak-building range. In terms of trend structure, Uncle San still leans towards a large-scale bearish continuation, continuing to pay attention to the core support levels at 70,000 points and 68,000 points.

Ethereum: The trend structure is linked to Bitcoin, with the four-hour support level at 2,030 points.