The crypto market is currently stuck in a limbo, unable to rise much or fall significantly, neither moving much nor much higher. Old Fish believes there are two main reasons for this sideways trading pattern. The first reason is the passive attitude of retail investors, who are indifferent to both rises and falls. We usually assume that good news equals a rise and bad news equals a fall. However, the logic isn't that simple. Market makers operate on the principle that when good/bad news arrives, is there profit to be made? If so, they will drive the price up/down. Unless a black swan event like 10/11 or the pandemic occurs, nobody knows what will happen next, so they prioritize getting out first. Most retail investors are now in a semi-passive or completely passive state, unmoved by any market fluctuations. This is a window of opportunity for retail investors to rest and recuperate, and to clear out leverage. The second reason is the unclear direction of two main market trading themes. One is Iran; releasing oil reserves can only temporarily alleviate oil prices. As long as Iran controls the Strait of Hormuz, oil prices will continue to rise. Oil prices alone are enough to make Trump uneasy. The next escalation of the Iran situation will be marked by the formal deployment of US ground troops. The second main trading theme is the selection of the new Federal Reserve Chairman. Before Kevin Warsh officially speaks, he still projects a hawkish image. Only after he attends his hearings and personally states his policy stance will the market feel the uncertainty has been resolved. When Kevin Warsh will attend his hearings is also unknown. Before the situation escalates, Bitcoin will continue to fluctuate within a 10-point range; a wait-and-see approach is recommended. If the Strait of Hormuz remains blocked, oil prices will be unpredictable, and unexpected market events may occur. Currently, any sudden price drop presents a crisis arbitrage opportunity, in my opinion.