We've temporarily cleared our positions here. Based on macro liquidity expectations, we remain optimistic about the BTC market next year, mainly due to the government's TGA account releasing liquidity into the market, the Fed's leadership change and subsequent QE environment, and the stimulus from the midterm elections. However, it has indeed broken below the yearly moving average. Looking at the market, in the current environment of liquidity scarcity, long-term investors' profit-taking hasn't been effectively absorbed by new funds. The purchasing power of major players in MSTR and ETFs is also relatively weak. From a trading perspective, we've been looking for asymmetrical opportunities: upside potential greater than downside potential, and the probability of an upward move greater than a downward move. After breaking below the yearly moving average, there's a vacuum of approximately 20k units below, so we've decided to enter a defensive mode. We'll consider re-entering the market after finding a more suitable entry point, or after the price stabilizes above the yearly moving average again.
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