Last night, I was tired and went to bed early. I didn't wait for Da Bing to break through the 11 million mark. Fortunately, when I woke up early, Da Bing had just broken through the historical high and psychological integer threshold of 11 million mark. However, in this era where chips are concentrated in institutions, there is no sense of participation from the leeks, so naturally there is nothing exciting about it. It reminds me of the words from Zhu Ziqing's "Moonlight over the Lotus Pond": "The excitement belongs to them, I have nothing Now that the market is back down, after 109845 last night, Da Bing paid tribute to the historical tradition that every time it crosses a major level, it will plummet to 106. The stablecoin Ethereum has also fallen from 261 to the support level of 245 in recent days. That is to say, there is no distortion of the technological form due to high emotions. The recent surge is mainly stimulated by the stablecoin bill, which is no less favorable than ETFs' targeted support and release of funds in the cryptocurrency industry. The divergence in the market actually lies in the fact that although the stablecoin bill will inevitably bring institutional regulatory benefits in the long run, it can also bring liquidity outside the circle. But whether there will be actual new capital inflow when the interest rate of treasury bond rises sharply and liquidity is tight. The amount of funds and the concentration of chips determine the height of Bitcoin prices. In the near future, there are three outstanding advantages, namely, the dinner of Trump and the thorough passing of the stable currency bill and the Texas Reserve Act. How the market is interpreted is all in one thought, it can be said that it is a major good news to pull up the market, or it can be said that the good news is exhausted to smash the market. US Treasury bonds have fallen. The market is like this, rebounding in despair and rising in skepticism. Before breaking a new high this time, there was a lot of disagreement, and no one thought those bills would have much effect, including myself who was short selling (although it was only a very small order) due to the potential risks of US stocks and bonds. But the recent pancake is like gold before 4.22, suddenly having a safe haven attribute again. I have talked about the relationship among US bonds, US dollars, US stocks and Bitcoin many times before. When the 10-year treasury bond is 4.6%, the 30-year treasury bond is 5.1%, and the US dollar index falls below 100, it is reasonable to say that the pie of 70% US stocks should fall. So I can only interpret it as positive news such as the stablecoin bill boosting the price of the pancake in the short term. If the macro situation further deteriorates, it is obviously unreasonable to not drain the water from the reservoir of the cryptocurrency circle to save the US debt. But I don't know if the fat to be fattened and then killed is 11w, 12w, or 15w. If we talk about lessons, this time we underestimated the ability of institutions to achieve a double explosion of long and short positions with highly concentrated chip holdings and only a small amount of funds needed. With this ability, there will be a motivation to use it to make money, and we cannot underestimate human greed.