Since everyone in the Chinese community enjoys my trend discussions, I've also prepared a Chinese version of this recently written analysis: First, let me start with the conclusion: Today's market continues to severely underestimate the power of "liquidity," and Bitcoin remains the best dollar-denominated risk asset, particularly benefiting from liquidity releases. In Q4 of this year and Q1 of next year, we may witness situations that were almost unimaginable two years ago, such as: 💸 Quantitative Easing (QE)-style debt may return. 🤖 AI will cause "unemployment," not just "economic recession." Governments can frame this as justification for continued monetary easing. 🌍 Developed economies that have fallen behind in the AI wave are experiencing panic capital outflows. As AI, automation, and demographic shifts completely rewrite the logic of labor productivity, the underlying structure of economic growth is being dismantled and rebuilt. In this new landscape, fiscal expansion and centralized control will become inevitable. The release of liquidity, combined with the relaxation of US crypto-financial regulations, is precisely the catalyst for the next wave of cryptocurrency gains. At the same time, countries with structural advantages will accelerate the weaponization of their capital markets: 👶 Setting up investment accounts for newborns, allowing capital accumulation from birth; 💰 Relaxing investment restrictions on pension funds, allowing huge amounts of money to flow into innovation and high-growth sectors; 📈 Upgrading the capital market from a mere "financing tool" to a national strategic asset. All these signals point to the same conclusion: a financial asset bubble is almost certain. The US dollar market's attitude has also completely changed. Instead of resisting the inherent volatility of crypto assets, it has begun to actively embrace them and provide ample liquidity to price them. Therefore, when financial assets experience a bubble, Bitcoin and other mainstream cryptocurrencies are the most courageous assets to seize the benefits. Yes, Bitcoin has once again surpassed $120,000, but I am more optimistic than ever. When the wind blows, the dandelion never asks for direction.