$ETH and $ASTER still insist on being bullish, this hasn't changed.

But it must be acknowledged that since the big drop on October 11, market liquidity has clearly shrunk. Now, contracts are leading the rhythm, while spot markets are passively being hit; this back-and-forth fluctuation is normal.

Adding to this are the four-year cycle resonance and the emotional game before the end of the year + Christmas, making the current market situation understandable.

For the spot market, there is actually no need to obsess over picking the absolute bottom; the truly suitable buying points often occur when the logic hasn’t changed, and emotions are at their worst.

From a medium to long-term perspective, the narrative of on-chain finance has just begun,

ETH + Aster are still my core holdings,

investment logic and data judgment are completely consistent with the research reports I have written before, with no changes at all.