Recommended reading. Brother Wu is very professional. This article covers dollar liquidity, US stocks, market trends, and even the potential future of crypto altcoins. I'll also offer my humble opinion. Let's start with liquidity. Although we're currently in a period of paused interest rate cuts, we can expect things to improve once Warsh comes to power. In terms of the macro cycle, we're actually still in the late 2019/early 2020 phase. Back then, the pandemic triggered a recession, leading to Fed QE. Now, regardless of the circumstances, easing is only a matter of time. The second half of the year is something to look forward to. Furthermore, there's the midterm election in Q4 this year. When interest rate cuts continue and liquidity eases, it's something to look forward to in risk markets (US stocks + BTC). US stocks are a simple model; just focus on tech stocks and macro liquidity. You'll find they are heavily influenced by monetary policy. Since the end of the first phase of aggressive interest rate hikes in early 2023, top-ranked US stock companies have seen a significant upward trend, continuing to this day. See the chart below. Actually, Brother Wu is right. The Nasdaq and NYSE together have over 5,500 companies with a combined market capitalization of $87 trillion. Ten of these companies have a market capitalization exceeding $1 trillion: the "Seven Sisters" (referring to the Nasdaq's seven largest cryptocurrency exchanges), TSMC, Broadcom, and others. Companies ranked 11th to 35th all have market capitalizations exceeding $300 billion. The top 35 companies alone account for over $30 trillion, representing a third of the total market capitalization. The remaining 5,400+ companies share the rest. I wonder if this pattern will play out in the crypto market. In other words, the strong will continue to be strong, while the weak... Basically, from 2017 to now, very few companies have survived multiple cycles and are still thriving. I've discussed crypto innovation and its practical application with Wu many times. Currently, the total market capitalization of crypto is only $2.37 trillion. BTC and ETH combined account for nearly $1.6 trillion. The rest share less than $0.8 trillion. If more new assets emerge in the future, and liquidity becomes more abundant, even new issuance methods may be developed. The golden age of crypto may last longer than we imagine. In any case, the crypto market is a global market. twitter.com/DL_W59/status/2029...

Thanks, Da Le. This pattern in the US stock market has actually already occurred in the crypto sector, and the future will likely see further divergence.