#比特币市场周期 Seeing Yi Lihua's words, what flashed through my mind was the 2017 market rally. At that time, some people kept shouting "Now is the best buying point" at the bottom range, but most still chased in at high levels. What's the difference? It's whether you can truly understand the rhythm of the cycle.

The interest rate hike in Japan is indeed a turning point. Looking back at history, every major liquidity shift has rewritten the script of the crypto market—2020's liquidity injection triggered that bull run, while the tightening in 2022 hit everyone hard. Now, with the opposite operation, the expectation of rate cuts and liquidity easing is gradually taking shape. This logic isn't new, but what's fresh is that the certainty of this financial policy shift is stronger than before.

The most heartbreaking phrase is "To get a few thousand dollars in returns, you have to endure a few hundred dollars of volatility." I've seen too many people exit at this stage—not because they judged the big picture wrong, but because they were crushed by contract liquidations and emotional swings. The 2013 correction, the 2018 bear market, the 2022 crash—each time, someone chose to give up in the darkness before dawn.

At this position, if you truly believe that next year's policy benefits will improve the fundamentals, don't let daily K-line fluctuations trap your thinking. The logic of spot trading is always much simpler than contracts—you are buying chips for the future, not driven by today's emotions. Persistence and patience have always been the most scarce qualities in this market.