While recent market fluctuations (such as the US-China trade tensions and the October 11th liquidation incident) have shaken short-term confidence, the overall fundamentals remain unchanged: institutional funds continue to flow in, global M2 continues to expand, the Federal Reserve has entered a rate-cutting cycle, and Trump's policy stance remains generally friendly to cryptocurrencies. Global M2 year-on-year growth has now rebounded to around 5-6%, comparable to the levels seen during the early stages of the bull markets in 2016 and 2020. However, even amidst the backdrop of generally loose liquidity, this does not necessarily mean a straight-line market rally. Recent events suggest that the market is increasingly focused on the repricing of risk. Over the past few weeks, the $BTC DVOL Volatility Index has rebounded from the 30-35 range to around 47-50, marking the arrival of "Voltober." This rise in volatility reflects a market recalibration of future risk expectations. The market's pace is shifting from aggressive offense to a more defensive risk management strategy. My personal risk appetite is relatively conservative. As I mentioned in recent interviews with @PANewsCN and @WuBlockchain, I wouldn't recommend holding leveraged positions in this environment, though I still hold a significant portion of spot Bitcoin. If Bitcoin successfully breaks above its all-time high, there's still room for upside in the first quarter of next year. If it fails to break above, and falls below key support levels (around $110,000/180-day moving average or $100,000/360-day moving average), I'd likely take profits based on technical signals.