Bitcoin has rebounded to $74,000 in the past two days, and many people have asked if the bear market is over and whether they should buy in. My personal opinion is: the bear market is not over yet because liquidity hasn't recovered. I've repeatedly said that $60,000-$70,000 is a good range for dollar-cost averaging. The implication is: this is not an all-in range. My target price for an all-in purchase is around $50,000; I hope it will reach that price so I can buy the Bitcoin I want in this cycle. Can I buy now? Yes, but don't panic if it drops 20-30% after you buy. And if you haven't bought yet and there's no opportunity to buy at around $50,000 later, don't regret it and say, "Damn, I shouldn't have listened to Gracy." DYOR, everyone. That's all for now. Back to being a "banner horse" (a term used to describe someone who trades frequently but doesn't invest heavily).

I'm a bit curious, though. You said liquidity hasn't recovered yet, but looking at the on-chain stablecoin supply and the continuous net inflows into the BTC ETF, it's actually slowly picking up. What data would roughly signal the return of liquidity?