原本想写篇长贴，和大家详细分享下我对于“熊市”的个人理解，以及对待熊市的交易思路。
但写一半觉得不如直接分享下：11月14日时，我在小群里发的这段长语音。
这段语音，我觉得对于大多数散户都能有所帮助，里面详细的讲述了当时我对于后市的交易操作、思维、以及背后原因。

Twitter

I originally intended to write a long post to share my personal understanding of "bear markets" and my trading strategies for dealing with them.

However, halfway through, I decided it would be better to share this long voice message I sent in a small group on November 14th.

I believe this voice message will be helpful to most retail investors, as it details my trading actions, thought process, and the underlying reasons at the time.

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

This article is from Kyle Crypto Hunt.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
Editor's Note: Arthur Hayes, the legendary market predictor, co-founder of BitMEX, is at it again, offering his predictions. In today's episode of the Kyle Crypto Hunt podcast, Hayes discusses macroeconomic liquidity changes, market trends, his personal positions, and trading strategies...