易理华JackYi-Liquid Capital

As the person under the most pressure on the internet right now, I must first admit: since the top was cleared, it was indeed a mistake to be too optimistic about ETH too early, because BTC has been around 100,000, while ETH has remained at 3,000, and we believe it is undervalued. Currently, the last round of profit taking is happening, and position determines strategy. While controlling risks, we continue to wait for the market to rise. Thank you all for your concern; investing and trading are the most difficult. Being in the industry, I always find it hard to resist being optimistic.

The biggest selling point of bearishness is the 4-year cycle. In fact, 2025 is already a typical bear market, similar to the 312 phase from 2019 to 2020, where the market stagnated for a whole year and even experienced a drastic drop due to a black swan event that completed the washout. In 2025, BTC will fluctuate around 100,000 with a variance of 20,000, and ETH will fluctuate around 3,000 with a variance of 1,500. It was just at the moment when ETH fell to over 1,000 that we saw through the main force's intention to clean out the Ether OG bulls and successfully entered the market. When ETH rose to over 4,500, we saw through the market's rise to the top of the oscillation and successfully exited. Trend Research has proven successful bottom fishing and topping out in 2025; we will not change our investment strategy due to emotions, nor will we be influenced by a few small retail bears making a scene. Their accounts and past performance are not persuasive at all, unless they can clear out at 4,500 on-chain and take a bearish position like us, which is real skill. Of course, they can also earn some traffic and advertising fees during the bottom oscillation, which is a way of survival. Our core is not to miss the cryptocurrency bull market cycle and to seize this trend so that everyone can win together.

Companies like Tether and Binance operate as industry siphons, earning billions of dollars in profits each year, successfully growing wildly in the early days of the cryptocurrency market without needing compliance. Tether, as a non-compliant stablecoin company, earns significant profits in the crypto space while aggressively purchasing gold with those profits. From an investment perspective, it is successful, but from an industry development and respect perspective, it is a failure. In contrast, compliant stablecoins like USD1 distribute profits to users through WLFI subsidies while continually acquiring industry assets like ETH, which is true industry building. I hope that if CZ genuinely believes in the super cycle and if the leading figure believes in the arrival of the Bitcoin era, they should use part of Binance's profits to buy BTC/ETH, which would truly align words and actions, genuinely keep building, and earn more respect. Of course, I also hope other platforms follow suit; only an industry bull market can create a better environment for everyone, while those big short-sellers are the real tumors of the industry.

Federal Reserve's popular candidate Rieder says interest rates must be cut ➕ balance sheet expansion, Trump also says the next chair must cut rates, which is also the event we expect, and often expectations lead the market to start early. I believe most people in the industry are bullish and hope the cryptocurrency downturn ends soon, with the bull market trend about to arrive. This is the last dark moment before dawn. Great investments are made at low points and exited at high points.

WLFI is the most attractive project, just like BNB is the earliest platform currency on the exchange, giving everyone the opportunity to participate in and enjoy the dividends of stable coin development, and USD1's fastest breakthrough of 5 billion US dollars in history proves the team's ability. It is believed that USD1 and WLFI will soon enter the top ten in the industry together.

Everyone is confused. We are buying a lot, BMNR and MicroStrategy are buying, CZ is calling for a super bull market cycle, but the coin price remains weak and fluctuating. What is the reason? After all, the stock market, gold/silver have gone crazy. We see several main reasons: one is the four-year cycle and the impact of the 1011 crash, one is the impact of the yen interest rate hike, one is that the US BTC strategic reserve hasn't made new purchases, one is that short sellers are wildly using this opportunity to smash prices, and one is that risk-averse funds are in gold, silver, and the stock market. However, analyzing from a counterintuitive perspective, at such a time with so many bearish factors, ETH still stabilizes around 3000, fluctuating and washing out positions. This is also the reason we decided to build positions after clearing out at 4500. Many people suggested we wait longer for a better price point, but investment trading doesn't have a god's perspective, and it's hard to know what the lowest point is during this period. The difference between investment and speculation is that it's difficult for us to make short-term trades, even if we have considerable floating profits, we still don't move. We set our buying and selling strategies based on a medium to long-term timeline.

The crypto-friendly policies that we have been talking about are gradually being realized, especially with the high likelihood of the crypto structural bill passing. This is a landmark event for the industry, signifying the end of the past severe obstacles for the crypto sector and entering a new stage of healthy development in a macro environment. A large number of outstanding founders and high-quality projects will certainly emerge, while also clearing the way for U.S. financial institutions to participate on a large scale in the construction of crypto finance, fully integrating the crypto industry into the mainstream financial system.

The biggest beneficiaries of the globalization of stablecoins and the financial on-chain are ETH, and these two are also the greatest landing application opportunities in cryptocurrency. In the short term, bottom oscillation is a normal process. Recently, what I have been working hard on every day is to buy more ETH on dips and actively participate in various ETH capital platforms, assisting them in expanding capital to increase their ETH holdings. Practical work and going long are the keys to achieving the final big results.

Previously, we repeatedly advised short sellers to close their positions early to avoid small losses, as delaying would lead to big losses. The 2026 crypto bull market is about to begin. We are not blindly confident just because we successfully caught the bottom and top in the past. Everything is based on professional research and analysis. We've repeatedly emphasized the bull market expectation recently to help everyone build confidence and patience. There's a popular saying in the bull market: holding coins is harder than being a widow, due to the huge volatility and 24-hour trading, most people indeed find it difficult to stay greedy and calm during times of fear.

China, the US, and South Korea are the three main markets in the crypto industry, and coincidentally, all three stock markets are currently in a bull market phase. Major capital is now primarily invested in stocks and even in precious metals (gold, silver, rare earths), influenced by the ongoing interest rate hike cycle and the fact that blockchain technology's real-world impact has not met expectations. As a result, since Bitcoin reached its all-time high of $69,000 in 2021, after four years, Bitcoin has seen a slight increase in value, while Ethereum is even below its peak from four years ago—this period can be considered a lost four years for crypto investors. However, bull markets often emerge from periods of despair. Especially with the upcoming rate cut cycle, the globalization of stablecoins, pro-crypto policies, and the growing adoption of blockchain in finance, both macroeconomic conditions and technical indicators suggest we are now at the dawn before a major crypto bull market. When others are fearful, be greedy. Although the bull market may come slowly, when it arrives, it will be spectacular. I strongly agree with CZ that the next crypto super cycle is approaching. Industry leaders such as BMNR, MicroStrategy, Tether, Binance, and USD1 are continuously buying.

X (Twitter) plans to launch cryptocurrency trading, with its strategic focus shifting from 'information square' to a 'financial operations platform,' creating a closed loop for price, sentiment, and trading within a single interface. X will become the unified access point for web3, especially as influence becomes monetized, turning X into the world's largest real-time sentiment market. This is a major positive for the crypto industry. Meanwhile, as AI chip and heavy capital investments approach their peak, and with the U.S. stock market continuing to rise and expectations of interest rate cuts, we believe crypto will enter a new bull market in 2026.

Investing is mostly about waiting—more than just timing the bottom correctly, it's about having the patience to hold until the final outcome. Our secondary team released the SOL research report on July 26, 2023, and completed our position around $20. At that time, we strongly believed in the SOL ecosystem and its undervalued potential. However, as news about FTX's OTC share issues kept emerging, we panicked and sold out below $50, perfectly missing the subsequent 15x surge. Investing and trading may seem easy, but the beginning, the process, and the final result are the hardest parts. It's a major test against human nature. Besides those who always talk big and are 'right' about price movements, no one can truly predict how short-term fluctuations will behave or how long the waiting period will be.

ETH's returns in 2025 are not low, with over 3 times potential from 1400 to 4900. We called for buying ETH when it was above 1000, and liquidated around 4500—clear on-chain moves. This time, buying around 3000 remains consistent with our actions. We believe ETH still has significant opportunities in 2026, undeterred by any doubts (there were even more doubts at the previous low). The core idea is that everyone benefits from the trend together. Meanwhile, we will continue building more on the ETH path. To short-sellers, ETH is the best target for shorting, but to ETH longs, let's work together to prove that shorting ETH and the industry is the worst decision possible—just like how Bill's shorting of Tesla turned out.

2026 is the year of financial blockchain integration, with stablecoins and Ethereum being the most important infrastructures. WLFI exchanging BTC for ETH today reflects the same thinking. WLFI's future three paths: first, USD1 will break through 10 billion in the short term, reach trillions in the medium term, and capture a trillion in the long term within the 3 trillion stablecoin market. Second, USD1 will collaborate with millions of active users in Web2 companies, leveraging the significant advantages of stablecoin payments over traditional Visa, bringing billions of users into blockchain and stablecoins. Third, in the future multi-trillion dollar financial blockchain market, USD1 will leverage its brand, compliance, B2B capabilities, and user base to become one of the most critical infrastructures. This is the rationale and logic behind our heavy investment in ETH and WLFI.

Entering the cryptocurrency industry for ten years, I have experienced significant setbacks in both secondary market bubbles and primary investments. It is precisely because of these experiences and the tuition learned that I summarize the true core of the crypto world: constantly enhancing our understanding of investment and trading. Over the past ten months, we have repeatedly emphasized the importance of steadfast trend investing, ignoring short-term fluctuations, being greedy when others are fearful, and being fearful when others are greedy. Recently, the bears are still making their last efforts; they are betting on a four-year cycle, the AI bubble in the US stock market, and a decrease in liquidity at 1011. However, all of this has failed; all their short positions will become fuel for a short squeeze during the rise. In the end, I hope everyone focuses on research in investment and trading, respects all professional investment research analysts, as this is the core business and right path we need to focus on. We will also closely follow true experts and continue to strive for learning and improvement.

Adhere to trend investing, a very simple logic: buy when you are optimistic about a bull market, sell when you are optimistic about a bear market, be greedy when others are fearful; you can never buy at the lowest point, nor can you sell at the highest point. We do not intentionally act high-profile or low-profile, we simply share our understanding and operations, and there is no competitive relationship with everyone; winning or losing is determined by the market, and at the same time, this process brings self-growth ➕ witnessing the journey ➕ connecting with peers.

Investors like Buffett and Duan Yongping are respected because they earn money through value and trends, rather than through speculation. This year, the trend is a bull market; whether in the macro environment or the stage of industry development, this is not something we can decide together. We can only see the trend and follow it. During this time, I have seen bears making their last efforts, but as we mentioned before, before the great bull market of 26 years, bears would have already closed their positions with small losses, and closing later would lead to significant and severe losses. Those who are still bearish in the market now are either just talking or are cannon fodder. After experiencing more than a month of fluctuations (bull-bear games), the bulls will definitely be victorious, pessimists are always right, and optimists always move forward.

1 billion dollars will continue to buy on dips; under the trend of a 26-year bull market, the opportunity lies with the bulls rather than the bears. In the cryptocurrency world, there has always been one thing: buy in a bear market and sell in a bull market.

Consistency between words and actions continues to increase ETH holdings. Since the 1011 incident, which caused a drop to around 3000, we are the largest ETH bulls in the industry (BNNR is a fixed investment method). Firstly, we are optimistic about the bull market in 2026, especially in the first quarter, where it is difficult to concentrate large positions at the lowest point, so we are not worried about fluctuations of a few hundred dollars. Secondly, the shorts in the industry are overly exaggerated, the ETH contract holdings continue to hit new highs, and have become a major price-driving factor. The contract holdings on some platforms are several times the spot inventory. Finally, 2026 is also a favorable environment for financial on-chain, stablecoins, interest rate cuts, and comprehensive crypto policies. We will continue to buy until the bull market arrives, with maximum holdings in ETH, heavy positions in WLFI, and allocations in BTC/BCH/BNB. Wishing everyone a happy New Year in advance, with abundant harvests in 2026.