#央行降息行动 The central bank's rate cut wave is here. This time, I didn't blindly get excited; I thought a few steps ahead.

Delphi's report is quite accurate. Global liquidity is indeed improving, but I've been burned by the traps within it. The liquidity surge in 2020 was truly violent. Although the current pace is more "clear and predictable," it also means it's not as crazy—that's the key. Many people see "central bank rate cuts + easing liquidity" and immediately imagine a script of "making money while lying down," not realizing that this is precisely the emotional window that big players favor.

The signals of gold and M2 reaching new highs are indeed worth watching, but the question is: how long can this round of liquidity improvement last? A consistent policy pace sounds good, but in practice, each country's central bank has its own plans. Moreover, whether Bitcoin can truly keep up with this wave of liquidity depends on institutional allocation rhythms and market psychological expectations—and expectations are the easiest to be crushed.

My advice is, if you really want to participate in this logic, first beware of the trap of buying at high levels, and second, recognize when the liquidity story might reverse. Historical leading indicators do not guarantee future outcomes; many people get caught up in the phrase "it should rise."

Be more cautious, wait until the signals are truly clear before acting, and you'll last longer than blindly following a macro story.