Although recent market noise (e.g. US–China trade tensions & the 1011 liquidation) has shaken short-term confidence, the broader fundamentals remain unchanged: institutional inflows continue, global M2 is still expanding, the Fed has entered its rate-cutting cycle, and Trump’s policy stance remains broadly crypto-friendly. Global M2 YoY growth has now recovered to around 5–6%, echoing the early stages of previous bull runs in 2016 and 2020. However, even with an overall accommodative liquidity backdrop, it doesn’t mean the market will move up in a straight line. Recent events suggest that markets are increasingly focused on repricing 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.” Rising volatility reflects a market that’s recalibrating future risk expectations. The market rhythm is shifting from aggressive offense to a more defensive, risk-managed stance. Personally, I have a relatively conservative risk appetite. As I mentioned in my recent interview with @PANewsCN & @WuBlockchain, in this kind of environment, I wouldn’t recommend holding leveraged positions, though I still maintain a significant allocation in spot Bitcoin. If $BTC manages to break through its ATH, there’s still room for upside into Q1 next year. If not, and it fails key support levels (around $110K/180MA or $100K/360MA), I may take profit based on technical signals.