Today’s #China# news had many layers. @realDonaldTrump in Beijing; Xi hosting a high-stakes summit; @elonmusk making faces... But for me, there was another very human moment. I spotted a familiar face on TV: Cheng Lei. We used to do TV crossovers back in the CCTV days, when I was at @Reuters which had a partnership with CCTV for financial news. (That kind of partnership is almost unimaginable today.) And Cheng Lei was one of the most recognizable English-language business anchors in China. Sharp, professional, fluent across cultures. A face of China’s opening to the world. Then one day - she was arrested as a spy! In 2020, Cheng Lei was detained in China. She was accused of supplying state secrets overseas and spent more than three years in custody before being released in 2023. By her own account, the ordeal was not only legal or political. It was deeply human: isolation, uncertainty, separation from her children, and the mental pressure of being caught inside something much larger than herself. She lost 1,154 days. And today, there she was again — on Australian television, analyzing Trump’s China visit. That image gave me déjà vu — and goosebumps. Because U.S.-China relations are not only about tariffs, semiconductors, Taiwan, AI, supply chains, or state banquets. They are also about people. Journalists. Translators. Entrepreneurs. Students. Families. Immigrants. People who once believed they could move between worlds, explain one side to the other, and build bridges through language, trust, and shared curiosity. Some of those bridges are now broken. Some became dangerous and some people paid a very real price. Cheng Lei’s story is a reminder of how quickly the world can change — and how personal geopolitics can become. The silver lining is - after years of silence, she can return to the screen with her own voice. That is resilience. Watching her today, I felt both a sense of sadness and admiration. Sadness for the world we lost. Admiration for a woman who survived, came home, rebuilt her life, and returned to journalism on her own terms. In the middle of another Trump-Xi summit, maybe this is the angle worth remembering: Great power politics is never abstract. Behind every diplomatic reset, every strategic rivalry, every headline about “China” and “America,” there are human lives being reshaped. And sometimes, the most powerful story is not only the leaders on the stage. It is the familiar face who made it back to the screen. 🫶

bitcoin:native shares a very classic long-term macro on-chain indicator for Bitcoin: STH-RP to TMMP Ratio The ratio of the realized price to the real market average price for short-term holders This indicator clearly reflects the interplay between short-term market speculation and the fair value of the overall market. Current core data: -BTC current price and short-term costs: Currently, both values ​​are around 77.4K. This means that short-term investors who entered the market in recent months, The overall situation is at the break-even point. -Ratio trend: The current ratio is 0.8998, and the 7-day and 30-day moving averages are showing a fluctuating downward trend. On-chain data is clear. Short-term holders' cost basis is converging towards the true market average. The market as a whole is in a phase of deflating the bubble and clearing out speculative capital. Historically, when this ratio spikes, it usually corresponds to a period of market overheating. When this ratio falls below the 0.75 red line (the historical lows of 2015, 2018, and 2022), it indicates the establishment of an absolute bear market bottom. Currently, this ratio is at a relatively neutral to low level of around 0.9. And the trend is still downward. This indicates that the market's blind optimism has been effectively suppressed. The chips are undergoing a thorough turnover. At the break-even point where short-term holders find it unprofitable and even begin to feel anxious. It is often a crucial window for accumulating strength and choosing a direction. Be patient and watch for further crossovers of the cost line. #Onchaindata# #welinkBTC# bitcoin:native