After reviewing Yi Lihua's latest insights and combining recent on-chain data, let's do a retrospective analysis.

The Japanese interest rate hike cycle indeed signals a clear shift from bearish to bullish sentiment, and the recent contract fluctuations are essentially short-term leverage behaviors, with bears making their final struggles. Based on large transfers from whale addresses, institutional spot accumulation in this range has not stopped; instead, it shows a steady inflow trend.

There are three key dimensions for judgment: First, macro liquidity expectations— the probability of interest rate cuts and easing next year is quite certain, which significantly supports risk assets; second, policy framework—cryptocurrency regulation is shifting from suppression to normalization, and the premium for compliant assets is being established; third, the long-term trend of financial chain tokenization—this is a structural opportunity, not just trading volatility.

The spot investment range is indeed attractive, provided one can withstand short-term fluctuations. From my data tracking, the current retracement has not touched critical support levels, and there is still room for subsequent rebounds. If the expected returns are on an annual basis, then the psychological cost at this point often exceeds the actual risk.