Learn and work hard to earn capital during the bear market!

The fluctuations in the market essentially come from two lines: liquidity and sentiment.

Both reinforce each other:

• The big cycle is driven by macro factors and halving;

• The small cycle is driven by surges in sentiment (such as Meme fever and the chaos of gold shovels).

Liquidity is also layered:

1) Active liquidity — the dealer ignites and starts the market;

2) Passive liquidity — followers driven by sentiment push the volatility to extremes.

The typical path is:

The dealer provides initial liquidity → Sentiment spreads → The buying group contributes to the final volatility.

To avoid becoming the buyer at the end of sentiment, the key is:

• Maintain distance when sentiment is high and the wealth effect is strong;

• Only enter when sentiment is low and there is value for money;

• Always focus on the overall capital structure, rather than short-term trends.

This is the logic at the core of the market.