As previously discussed, the positional risks of stocks and commodities are no different from those of MeMe. The real test for the stock market will be the subsequent IPO queues of unicorns, with hundreds of billions or even trillions of dollars rushing to list – a rather uninteresting situation. In the current major cycle, although Bitcoin has experienced accumulation by Wall Street ETFs, it hasn't yet experienced a round of cyclical capital replenishment. The kind of capital that replenishes gold and silver will flow into the crypto space. A few old guards are playing too recklessly right now. Although it was known two or three years ago that their market share would decline and CEXs would continue to rise, these old guards have buried themselves. Looking back at the dramatic events of the last two years five years from now, perhaps everyone will realize that we are currently at the peak of the Chinese-language crypto market. Don't ask the Americans; the amount of spot holdings held by both retail and institutional investors in the US is staggering. As for why they hold so much, it may be related to the Federal Reserve's upcoming monetary policy adjustments. $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)