Yesterday, foreign investors launched another "withdrawal movement," each of which represents a long-term adjustment to the liquidity structure. Huobi, OKX, and FTX have all experienced withdrawal movements, and almost without exception, most of those who withdrew never returned. FTX collapsed precisely because of a withdrawal movement, and even now, I don't believe any platform can withstand 70% of user withdrawals. What's a bit strange this time is that some people are leading the way by withdrawing from centralized exchanges (CEXs), and then closing their CEX accounts… $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)

The three people in the picture chose this moment to argue, knowing full well that it won't have a structural impact on the market anymore. The risks that needed to be cleared out have already been cleared during the past three months of correction. Removing these recent arguments from my calendar is rather boring. If the arguments had happened before mid-November, I would have cleared out all my holdings without hesitation. These days, even arguing is Oscar-worthy! $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)

Don't be FOUD-inducing! If Bitcoin doesn't reach a new high in 2026, I'll change my name! $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)

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)

Data shows that Hype's leveraged liquidation volume is 6 times that of Binance and twice that of Bybit. Although Binance has data opacities and doesn't fully disclose its data, it's roughly 2-3 times that of Bybit, essentially on par with Hype. The dispute between these two leading players, "Old Deng," might have a temporary impact on market prices, and even if they were to liquidate, it wouldn't have a fundamental impact on the industry as a whole; it's not worth watching closely. Their competitors aren't the centralized exchanges (CEXs) themselves. Lower-level gamblers use leveraged contracts, but Hype quickly surpasses them in market share, especially after October when many market makers migrated liquidity from CEXs to on-chain platforms. Higher-level gamblers have moved to prediction markets to demonstrate their reasoning abilities—their "IQ." When market makers leave, all that's left for CEXs is sentiment, leverage, and old users arguing amongst themselves—a dull, stagnant situation, like the end of a dynasty. The power and resources remain, but the structure is empty. 😑 It's fair to say that the three major Chinese-language CEXs' questionable actions in this market cycle have cost them their future. The October events weren't a turning point, but rather a premature realization that "the old king is not dead, but a new king has already risen." Once liquidity returns to Base, becoming the primary spot CEX for institutional funds, Hype and prediction markets will continue to erode the "gamblers'" market. $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT) {spot}(BTCUSDT)

I've always considered eating excrement an insult, but while reviewing the Epstein case documents, I discovered that the standard for judging whether someone has power and wealth is whether they've eaten excrement. Those who haven't eaten excrement are likely powerless, just like me. Besides the Epstein case, the cases of South Korean chaebols and Middle Eastern princes are also quite intriguing—hopefully some interesting revelations will be revealed. $BTC $BNB $ETH #btc #bnb #eth {spot}(ETHUSDT) {spot}(BNBUSDT) {spot}(BTCUSDT)

The greatest strength of the US dollar lies not in the Federal Reserve's monetary policy, nor in who the president is, but in its status as the anchor asset for all fiat currencies in the world today. When the US adjusts its monetary policy, all fiat currencies come under pressure, entering a period of chaos. Cryptocurrencies may be one of the backup assets that many small countries can choose. Remember, who chairs the Federal Reserve is not simply acting based on past experience, but rather optimizing the monetary system to adapt to the next era. A new monetary system will emerge, but its form and anchoring method are currently unknown, but reform is inevitable. The actions of the US over the past few years all indicate that the US is building a new global order. Thinking about why the US can become a global axis, its national policy has consistently been anti-American. You can look through books, news articles, academic papers, and their mainstream social values and culture, constantly projecting the message that the US is doomed. But each time they talk about collapse, they are evolving. This is the truly frightening aspect of the US: the large number of elites they cultivate are anti-American, but their anti-Americanism is friendly and benevolent discussion. I remember Buffett saying something to the effect that no matter what difficulties the US faces, he would not hesitate to use all his wealth to save America. $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)

Putting aside the recent drama, the supercycle still exists. Whether you're smart or not, you should understand that Federal Reserve monetary policy reform is inevitable. While the exact form of this new policy is unclear, crypto assets will undoubtedly benefit from the reform process. Stop the pointless FUD (Fear of Uncertainty). Even if two giants collapse in the market, it will continue operating within a larger cycle. The Fed's monetary policy overhaul will suppress all fiat currencies globally, and many smaller currencies will experience significant volatility—it's only a matter of time. This main theme is very clear. I've written before that whoever is the Fed chairman will inevitably adjust monetary policy, and crypto assets will benefit from this process—it's a historical inevitability. Less FUD, more long-term vision. Minimize leverage. For most people, the $1 million they need is readily available in the current market. Simply follow the structural adjustments; stop playing with leverage and become part of the structural adjustment. $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT) {spot}(BTCUSDT)

The person in the crypto world who loves He Yi the most isn't CZ (Cash), nor Xu Mingxing (Xu Mingxing), but Sun Yuchen (Justin Sun). Sun almost self-exposed himself to attract public pressure, using tactics like bringing up his ex-girlfriend, Gu Ailing (Eileen Chang), and market manipulation to draw criticism. True warriors of pure love only give silently. $BTC $TRX $LDO #btc #trx #ldo {spot}(LDOUSDT) {spot}(TRXUSDT) {spot}(BTCUSDT)

This matter has continued to escalate over the past two days. I previously wrote a very detailed account of the October liquidation event; the entire industry lacked an insurance mechanism to cope with extreme market conditions, or rather, it didn't grant market makers the maximum authority to drive down prices. There's been a lot of private infighting, just not public. More people will likely join this battle, which is quite pointless. The recent price drop is inextricably linked to this infighting, so there's not much to analyze. It seems Lao Xu has stopped the fight. He deliberately deflected the topic yesterday, giving them a way out, but it's unclear whether other forces will join the fray. $BTC $ETH $LDO #btc #eth #ldo {spot}(LDOUSDT) {spot}(ETHUSDT)