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🦈 鯊魚雷達|追蹤幣圈資金脈動、宏觀分析、新聞觀察、政策解讀,一次掌握。
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Bullish
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【What you buy is value, what you pay is price: The faith and understanding of long-term holders】 In the daily fluctuations of the cryptocurrency market, most people only care about the price, but those who can truly navigate through bull and bear markets never look at the price, but at the value. This classic quote from Buffett: "What you buy is value, what you pay is price," is particularly fitting when applied to cryptocurrencies like Bitcoin, Ethereum, or SUI. Because when you understand the mechanisms, evolutionary logic, and future potential behind an asset, you are no longer just a holder, but a participant. Understanding is the greatest risk hedge Understanding why blockchain was created, knowing the necessity of decentralization, being able to judge the governance model, economic system, and technological direction of a public chain—this knowledge itself is your most solid foundation in a bear market. When most people only care about the current price, real investors have already extended their time horizon, looking towards the realization of value over an entire decade or even further. Value ≠ Short-term profit Value comes from the expansion of network effects, from the prosperity of ecosystems, from breakthroughs in technology and user recognition. These things are difficult to fully reflect in price in the short term, but they will determine the life and death of a project in the long term. You won’t lose confidence in Ethereum just because ETH dropped 5% today; You also won’t abandon an entire growing ecosystem just because a certain public chain isn’t trending right now. Because you understand what it is doing and believe it is moving forward. Price is cost, belief is power Investment is never about who sells higher, but about who can see further. When market fluctuations induce fear, you still choose to hold tight because you know what you are holding. It is not just a coin, but your bet on the future. Those who understand value do not care about short-term prices What truly keeps you holding coins to this day is not luck, nor courage, but your understanding and trust in value. Don't forget: each coin you hold is a record of your choice to believe in the future. $SUI $BTC $ETH {spot}(SUIUSDT) {spot}(BTCUSDT) {spot}(ETHUSDT)
【What you buy is value, what you pay is price: The faith and understanding of long-term holders】

In the daily fluctuations of the cryptocurrency market, most people only care about the price, but those who can truly navigate through bull and bear markets never look at the price, but at the value.

This classic quote from Buffett: "What you buy is value, what you pay is price," is particularly fitting when applied to cryptocurrencies like Bitcoin, Ethereum, or SUI. Because when you understand the mechanisms, evolutionary logic, and future potential behind an asset, you are no longer just a holder, but a participant.

Understanding is the greatest risk hedge

Understanding why blockchain was created, knowing the necessity of decentralization, being able to judge the governance model, economic system, and technological direction of a public chain—this knowledge itself is your most solid foundation in a bear market.

When most people only care about the current price, real investors have already extended their time horizon, looking towards the realization of value over an entire decade or even further.

Value ≠ Short-term profit

Value comes from the expansion of network effects, from the prosperity of ecosystems, from breakthroughs in technology and user recognition. These things are difficult to fully reflect in price in the short term, but they will determine the life and death of a project in the long term.

You won’t lose confidence in Ethereum just because ETH dropped 5% today;
You also won’t abandon an entire growing ecosystem just because a certain public chain isn’t trending right now.

Because you understand what it is doing and believe it is moving forward.

Price is cost, belief is power

Investment is never about who sells higher, but about who can see further.
When market fluctuations induce fear, you still choose to hold tight because you know what you are holding.
It is not just a coin, but your bet on the future.

Those who understand value do not care about short-term prices

What truly keeps you holding coins to this day is not luck, nor courage, but your understanding and trust in value.
Don't forget: each coin you hold is a record of your choice to believe in the future.

$SUI $BTC $ETH
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[Investing in the crypto space is not gambling, it is about whether the project has 'profitability']In the crypto space, the rise and fall of token prices can be enticing, but what truly supports the price has never been enthusiasm, but whether the project itself can make money. This statement sounds very ordinary, yet it is the key that most people overlook. Most investors look at a project only by checking 'Is there a KOL promoting it?', 'Is the TVL high?', 'Is the community active?', but what they should really ask is— → 'How does this project actually make money? And does it share any of that money with you?' --- 1. What is a 'profitable project'? In the traditional world, you wouldn't buy stocks of a company that has no income at all. So why would you be willing to buy a token in the crypto space that can't even clearly explain its revenue logic?

[Investing in the crypto space is not gambling, it is about whether the project has 'profitability']

In the crypto space, the rise and fall of token prices can be enticing, but what truly supports the price has never been enthusiasm, but whether the project itself can make money.

This statement sounds very ordinary, yet it is the key that most people overlook. Most investors look at a project only by checking 'Is there a KOL promoting it?', 'Is the TVL high?', 'Is the community active?', but what they should really ask is—

→ 'How does this project actually make money? And does it share any of that money with you?'

---

1. What is a 'profitable project'?

In the traditional world, you wouldn't buy stocks of a company that has no income at all. So why would you be willing to buy a token in the crypto space that can't even clearly explain its revenue logic?
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持續加倉 真正能賺錢是因為你有信念 回頭看michael saylor 他也是為了信念買單 你呢 你能為了你的信念買單嗎 $SUI
持續加倉
真正能賺錢是因為你有信念
回頭看michael saylor
他也是為了信念買單
你呢 你能為了你的信念買單嗎
$SUI
SUIUSDC
Opening Long
Unrealized PNL
+77.00%
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【XOCIETY Officially Launches: Does the Sui Ecosystem Welcome Its First Real AAA Blockchain Game?】 One of the important announcements recently made by Sui is that the shooting game XOCIETY has officially launched in Early Access on the Epic Games Store. This is not just 'another blockchain game launch,' but a turning point in the entire Web3 gaming narrative. The following will explain to you in the simplest way why this matter is worth paying attention to. --- What is XOCIETY? Why are so many people waiting? XOCIETY is a POP Shooter (rhythm-based shooting game), developed by NDUS Interactive and Sui, which previously won 'Most Anticipated Demo' on Epic Games. What’s particularly special is:

【XOCIETY Officially Launches: Does the Sui Ecosystem Welcome Its First Real AAA Blockchain Game?】

One of the important announcements recently made by Sui is that the shooting game XOCIETY has officially launched in Early Access on the Epic Games Store.
This is not just 'another blockchain game launch,' but a turning point in the entire Web3 gaming narrative.

The following will explain to you in the simplest way why this matter is worth paying attention to.

---

What is XOCIETY? Why are so many people waiting?

XOCIETY is a POP Shooter (rhythm-based shooting game), developed by NDUS Interactive and Sui, which previously won 'Most Anticipated Demo' on Epic Games.

What’s particularly special is:
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【 COINBASE CEO: The financial system is going fully on-chain, who can become the true bearer? 】 Recently, Coinbase CEO Brian Armstrong released an important perspective: > The entire financial system is moving towards on-chain. This statement is not an exaggeration, but a conclusion drawn from the current capital market environment and the speed of constructing crypto finance. In the past, Crypto redefined payment methods, and now, the ways of raising funds for financial products, forms of equity, and methods of capital flow are also being redefined. And Coinbase is betting on the elements with the most long-term value: Tokenization — all assets will eventually be moved on-chain. ---

【 COINBASE CEO: The financial system is going fully on-chain, who can become the true bearer? 】

Recently, Coinbase CEO Brian Armstrong released an important perspective:

> The entire financial system is moving towards on-chain.

This statement is not an exaggeration, but a conclusion drawn from the current capital market environment and the speed of constructing crypto finance.
In the past, Crypto redefined payment methods, and now, the ways of raising funds for financial products, forms of equity, and methods of capital flow are also being redefined.

And Coinbase is betting on the elements with the most long-term value:

Tokenization — all assets will eventually be moved on-chain.

---
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【 JPMorgan's Latest Analysis: The Key to Bitcoin's Short-term Trend Lies with Strategy 】 Recently, JPMorgan released a research report that focuses on an indicator that is rarely noticed by general investors: Does Strategy (MSTR) need to sell Bitcoin? The report believes that the biggest variable affecting the short-term direction of Bitcoin is not miner sell-offs, nor is it the decline in hash rate, but whether Strategy's asset structure can remain stable. Why Strategy? Strategy has already become one of the largest holders of Bitcoin in the world, holding over 650,000 BTC. As long as one thing remains true: > "Strategy does not need to sell Bitcoin"

【 JPMorgan's Latest Analysis: The Key to Bitcoin's Short-term Trend Lies with Strategy 】

Recently, JPMorgan released a research report that focuses on an indicator that is rarely noticed by general investors:
Does Strategy (MSTR) need to sell Bitcoin?

The report believes that the biggest variable affecting the short-term direction of Bitcoin is not miner sell-offs, nor is it the decline in hash rate, but whether Strategy's asset structure can remain stable.

Why Strategy?

Strategy has already become one of the largest holders of Bitcoin in the world, holding over 650,000 BTC.

As long as one thing remains true:

> "Strategy does not need to sell Bitcoin"
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【The First Leveraged SUI ETF Listed on NASDAQ: The Landscape of Public Blockchains is Being Rewritten】 The US market officially welcomes its first leveraged ETF tracking SUI. The '21Shares 2x SUI ETF' (Ticker: TXXS) issued by the Swiss institution 21Shares has been approved for listing and trading on NASDAQ, providing a leveraged product with a daily 200% SUI return multiplier. This event is not just the birth of a financial product, but a significant advancement in the overall competitive landscape of public blockchains. --- What does the approval of the ETF mean? Being listed in the mainstream compliant market in the US usually involves multiple layers of review: Compliance and governance framework Risk model Technical underlying identification Market adoption and trading depth

【The First Leveraged SUI ETF Listed on NASDAQ: The Landscape of Public Blockchains is Being Rewritten】

The US market officially welcomes its first leveraged ETF tracking SUI.
The '21Shares 2x SUI ETF' (Ticker: TXXS) issued by the Swiss institution 21Shares has been approved for listing and trading on NASDAQ, providing a leveraged product with a daily 200% SUI return multiplier.

This event is not just the birth of a financial product, but a significant advancement in the overall competitive landscape of public blockchains.

---

What does the approval of the ETF mean?

Being listed in the mainstream compliant market in the US usually involves multiple layers of review:

Compliance and governance framework

Risk model

Technical underlying identification

Market adoption and trading depth
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Still bullish In the case where the overall trend remains unchanged, the pullback between 1.47-1.5 below the middle band of the Bollinger Bands will be the best buying point $SUI {spot}(SUIUSDT)
Still bullish
In the case where the overall trend remains unchanged, the pullback between 1.47-1.5 below the middle band of the Bollinger Bands will be the best buying point

$SUI
See original
Still looking above the previous high When looking back at that time You will find Yesterday was the lowest point Long-term position The market's double bottom has been formed The bull market is coming soon As long as there is a decent pullback, we can go long $SUI
Still looking above the previous high
When looking back at that time
You will find
Yesterday was the lowest point
Long-term position The market's double bottom has been formed
The bull market is coming soon
As long as there is a decent pullback, we can go long

$SUI
SUIUSDT
Opening Long
Unrealized PNL
+103.00%
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【South Korea Promotes Stablecoin Regulatory Reform: Bank 51% Led Issuance Model Takes Shape】 The South Korean government and the National Assembly are currently promoting legislation (Digital Asset Basic Act (Phase 2 bill)) to officially include 'stablecoins' within the regulatory framework. The core content that has attracted the most attention from the outside is that the issuers of stablecoins will be limited to: > Alliances (Consortium) where banks hold at least 51% equity This means that in the future, the entities that can legally issue stablecoins within South Korea will be led by traditional financial institutions, while technology or blockchain industry companies may participate as minority shareholders or collaborators. --- Core policy: Banks become the main issuers of stablecoins

【South Korea Promotes Stablecoin Regulatory Reform: Bank 51% Led Issuance Model Takes Shape】

The South Korean government and the National Assembly are currently promoting legislation (Digital Asset Basic Act (Phase 2 bill)) to officially include 'stablecoins' within the regulatory framework. The core content that has attracted the most attention from the outside is that the issuers of stablecoins will be limited to:

> Alliances (Consortium) where banks hold at least 51% equity

This means that in the future, the entities that can legally issue stablecoins within South Korea will be led by traditional financial institutions, while technology or blockchain industry companies may participate as minority shareholders or collaborators.

---

Core policy: Banks become the main issuers of stablecoins
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【USDC Treasury mints 500M USDC on Solana】 USDC Treasury minted a new batch of USDC on the Solana blockchain on December 3, totaling 500 million USD. This includes: 09:29 (UTC+8) minted 250 million USDC 09:30 (UTC+8) re-minted 250 million USDC Total: 500 million USD On-chain records show that this minting fully entered Solana. $SOL $USDC {spot}(USDCUSDT) {spot}(SOLUSDT)
【USDC Treasury mints 500M USDC on Solana】

USDC Treasury minted a new batch of USDC on the Solana blockchain on December 3, totaling 500 million USD.
This includes:

09:29 (UTC+8) minted 250 million USDC

09:30 (UTC+8) re-minted 250 million USDC

Total: 500 million USD

On-chain records show that this minting fully entered Solana.

$SOL $USDC
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[Ether futures trading volume surpasses Bitcoin for the first time: Market structure is changing] Recently, a noteworthy change occurred at CME (Chicago Mercantile Exchange): the trading volume of Ether (ETH) futures has, for the first time, surpassed that of Bitcoin (BTC) futures. This change is not a one-time event, but rather reflects the shifting market preferences, risk tolerance patterns, and direction of capital allocation. --- Trading momentum shifts to ETH: volatility instead attracts more participants CME officials pointed out that the volatility of ETH options is currently significantly higher than that of BTC. However, this volatility has not driven traders away; instead, it has become a source of attraction: Greater short-term opportunities

[Ether futures trading volume surpasses Bitcoin for the first time: Market structure is changing]

Recently, a noteworthy change occurred at CME (Chicago Mercantile Exchange): the trading volume of Ether (ETH) futures has, for the first time, surpassed that of Bitcoin (BTC) futures.
This change is not a one-time event, but rather reflects the shifting market preferences, risk tolerance patterns, and direction of capital allocation.

---

Trading momentum shifts to ETH: volatility instead attracts more participants

CME officials pointed out that the volatility of ETH options is currently significantly higher than that of BTC.
However, this volatility has not driven traders away; instead, it has become a source of attraction:

Greater short-term opportunities
See original
When BlackRock Mentions 'Tokenization': The Structural Turning Point Facing Global Capital Markets Recently, BlackRock executives Larry Fink and Rob Goldstein published a lengthy article in (The Economist), clearly pointing out a trend that is reshaping the global financial market: > Tokenization will become the next stage of financial infrastructure This is not a technological optimism article, nor is it a conceptual narrative commonly mentioned in the cryptocurrency industry. The author comes from the world's largest asset management firm, overseeing more than $9 trillion in assets, and the argument reflects that the traditional financial system has begun to view 'tokenization' as a necessary systemic change. And this perspective is also changing the long-term positioning of the cryptocurrency industry.

When BlackRock Mentions 'Tokenization': The Structural Turning Point Facing Global Capital Markets

Recently, BlackRock executives Larry Fink and Rob Goldstein published a lengthy article in (The Economist), clearly pointing out a trend that is reshaping the global financial market:
> Tokenization will become the next stage of financial infrastructure
This is not a technological optimism article, nor is it a conceptual narrative commonly mentioned in the cryptocurrency industry. The author comes from the world's largest asset management firm, overseeing more than $9 trillion in assets, and the argument reflects that the traditional financial system has begun to view 'tokenization' as a necessary systemic change.
And this perspective is also changing the long-term positioning of the cryptocurrency industry.
See original
【U.S. Stablecoin Regulatory Framework Initiated: The Introduction of the GENIUS Act May Mark the Starting Point for the Institutionalization of Crypto Finance】 U.S. federal regulators are preparing to formally propose stablecoin regulatory rules. According to the latest public hearing information, Acting Chair of the Federal Deposit Insurance Corporation (FDIC) Travis Hill has submitted testimony to Congress, declaring that the stablecoin framework will release a draft by the end of this month. This is the most concrete policy progress since the launch of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) in Congress. The core direction of the GENIUS Act is not to ban or restrict, but to: > The stablecoin will be officially incorporated into the U.S. financial regulatory system. And the importance of this change far exceeds the superficial conclusion that 'stablecoins can operate legally.'

【U.S. Stablecoin Regulatory Framework Initiated: The Introduction of the GENIUS Act May Mark the Starting Point for the Institutionalization of Crypto Finance】

U.S. federal regulators are preparing to formally propose stablecoin regulatory rules. According to the latest public hearing information, Acting Chair of the Federal Deposit Insurance Corporation (FDIC) Travis Hill has submitted testimony to Congress, declaring that the stablecoin framework will release a draft by the end of this month.

This is the most concrete policy progress since the launch of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) in Congress.

The core direction of the GENIUS Act is not to ban or restrict, but to:

> The stablecoin will be officially incorporated into the U.S. financial regulatory system.

And the importance of this change far exceeds the superficial conclusion that 'stablecoins can operate legally.'
See original
【SUI Obtains Compliance Qualification in New York: A Key Node for Public Chains Moving Towards Institutional-Level Infrastructure】 Recently, SUI was officially authorized for trading in New York, obtaining listing qualifications in the most stringent financial regulatory environment in the United States. This event is not merely an asset listing, but a tangible institutional signal: Public chain technology is gradually being regarded by traditional finance as an adoptable infrastructure. External disclosure information indicates that New York residents can now legally use SUI on regulated platforms, including core functions such as trading, accessing, and converting. Under the state's highly sensitive financial review thresholds, it represents that SUI's technology, risk management, and security architecture have all passed qualified assessments.

【SUI Obtains Compliance Qualification in New York: A Key Node for Public Chains Moving Towards Institutional-Level Infrastructure】

Recently, SUI was officially authorized for trading in New York, obtaining listing qualifications in the most stringent financial regulatory environment in the United States.
This event is not merely an asset listing, but a tangible institutional signal:
Public chain technology is gradually being regarded by traditional finance as an adoptable infrastructure.
External disclosure information indicates that New York residents can now legally use SUI on regulated platforms, including core functions such as trading, accessing, and converting.
Under the state's highly sensitive financial review thresholds, it represents that SUI's technology, risk management, and security architecture have all passed qualified assessments.
See original
【AI is not an internet bubble, nor is it 2008: What really changes this time is the financial structure, not the emotional cycle】 Recently, a saying has become popular in the market: Is the explosion of AI replicating the 2000 internet bubble, and could it even lay the groundwork for the next financial crisis? But if we compare the current AI with the Web2 bubble (2000) and the financial crisis (2008), we will find that the essence of these three is completely different. Market sentiment may go in the wrong direction, but the structure does not lie. --- The key difference between AI and the 2000 internet bubble The failure of 2000 was due to: The user base has not really arrived Insufficient infrastructure (internet speed, computer penetration, server capacity)

【AI is not an internet bubble, nor is it 2008: What really changes this time is the financial structure, not the emotional cycle】

Recently, a saying has become popular in the market: Is the explosion of AI replicating the 2000 internet bubble, and could it even lay the groundwork for the next financial crisis?
But if we compare the current AI with the Web2 bubble (2000) and the financial crisis (2008), we will find that the essence of these three is completely different.

Market sentiment may go in the wrong direction, but the structure does not lie.

---

The key difference between AI and the 2000 internet bubble

The failure of 2000 was due to:

The user base has not really arrived

Insufficient infrastructure (internet speed, computer penetration, server capacity)
See original
【The Next Transformation in Southeast Asia: When 14% of the Filipino Population Starts Skipping the Stock Market and Directly Embraces Blockchain】 In an atmosphere of uncertainty in the global financial market, a report from PDAX (Philippine Digital Asset Exchange) has thrown a significant signal to the industry: > The 'asset tokenization market' in the Philippines could grow to $60 billion by 2030. This is not the vision that Web3 proclaims itself, but the first national-level white paper jointly launched by cryptocurrency exchanges, government departments, and financial investment institutions. More importantly, it reveals a phenomenon that is far more significant than the numbers. > The people of the Philippines are skipping the traditional financial system and directly entering Web3.

【The Next Transformation in Southeast Asia: When 14% of the Filipino Population Starts Skipping the Stock Market and Directly Embraces Blockchain】

In an atmosphere of uncertainty in the global financial market, a report from PDAX (Philippine Digital Asset Exchange) has thrown a significant signal to the industry:
> The 'asset tokenization market' in the Philippines could grow to $60 billion by 2030.
This is not the vision that Web3 proclaims itself, but the first national-level white paper jointly launched by cryptocurrency exchanges, government departments, and financial investment institutions.
More importantly, it reveals a phenomenon that is far more significant than the numbers.
> The people of the Philippines are skipping the traditional financial system and directly entering Web3.
See original
【AAVE Whale is at it again: Market decline, he instead increased his position by 7.1M】 In the past 5 days, AAVE whale 0xE9D0 bought 40,433 AAVE (approximately 7.1 million USD) during the decline. Accumulated holdings over the past 3 years: 292,838 AAVE Cost approximately $170 / AAVE Unrealized profit approximately $4.6M $AAVE {spot}(AAVEUSDT)
【AAVE Whale is at it again: Market decline, he instead increased his position by 7.1M】

In the past 5 days, AAVE whale 0xE9D0 bought 40,433 AAVE (approximately 7.1 million USD) during the decline.

Accumulated holdings over the past 3 years:

292,838 AAVE

Cost approximately $170 / AAVE

Unrealized profit approximately $4.6M

$AAVE
See original
【When the speculation cycle ends, value begins to emerge: The true starting point of the Web3 bull market】 In the past few months, the main theme of the market has slowly shifted from 'speculation' to 'value'. This is not a hollow conclusion but a trend derived from the changes observed in on-chain data, user behavior, and the ecosystem's circulation. Recent observations from 10x Research highlighted this turning point: the influence of speculative funds is declining, while ecosystems that can genuinely generate users, cash flow, revenue, and deflationary mechanisms are quietly gaining strength. In other words: the underlying logic of the bull market is shifting from 'speculating on coins' to 'using them'. ---

【When the speculation cycle ends, value begins to emerge: The true starting point of the Web3 bull market】

In the past few months, the main theme of the market has slowly shifted from 'speculation' to 'value'. This is not a hollow conclusion but a trend derived from the changes observed in on-chain data, user behavior, and the ecosystem's circulation. Recent observations from 10x Research highlighted this turning point: the influence of speculative funds is declining, while ecosystems that can genuinely generate users, cash flow, revenue, and deflationary mechanisms are quietly gaining strength.
In other words: the underlying logic of the bull market is shifting from 'speculating on coins' to 'using them'.
---
See original
[The real market always starts at the most pessimistic times]In the cryptocurrency market, there is a cruel but accurate rule: The best buying points always appear at the most pessimistic moments. It's not when everyone is saying to get in, nor when hot money is flooding in crazily, but rather at this moment— When the community is buzzing about 'it's going to crash', mainstream media is pessimistic, technical indicators are distorted, and everyone starts questioning life. At times like this, it hurts a lot, but it's also a moment when only a few people will really take action. The most honest part of the market is emotions. Prices can be distorted in the short term, but emotions are always reflected in retail investors' behavior:

[The real market always starts at the most pessimistic times]

In the cryptocurrency market, there is a cruel but accurate rule:
The best buying points always appear at the most pessimistic moments.
It's not when everyone is saying to get in, nor when hot money is flooding in crazily, but rather at this moment—
When the community is buzzing about 'it's going to crash', mainstream media is pessimistic, technical indicators are distorted, and everyone starts questioning life.
At times like this, it hurts a lot, but it's also a moment when only a few people will really take action.
The most honest part of the market is emotions.
Prices can be distorted in the short term, but emotions are always reflected in retail investors' behavior:
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