When everyone is shouting negative news, the market is brewing a new round of 'immunity to bad news'—— 11. Global markets are falling, with newly high Japanese and Korean stocks also falling, and US stocks also falling before trading! one ️⃣ Regarding interest rate cuts: Last Wednesday, the Federal Reserve spoke and it seemed certain that the December rate cut would decrease again, implying that there was no need to rush to cut interest rates. two ️⃣ Regarding ETF outflows: Last week, Bitcoin's US stock ETF had a net outflow of 802 million US dollars, and on Monday, November 3rd, there was a net outflow of 180 million US dollars. three ️⃣ Regarding tariffs: The US Supreme Court will hold a verbal debate on the "tariff trial" to examine the legality of Trump's imposition of global tariffs, which is highly uncertain. four ️⃣ Regarding the shutdown: The US federal government has entered its 35th day of shutdown, tying the record for the longest shutdown in US history. The government shutdown led to institutions hedging high-risk assets, triggering a sell-off. From this perspective, is the market all bearish? Yes, this is the market! When it falls, all you see are negative; when it rises, all you see are positive! The market goal is very clear: he will only show everyone what he wants to show you! When macro uncertainty is repeatedly priced in, the market's "immunity to bad news" will rapidly strengthen. The last similar cycle was Q4 2022: everyone was panicking about a recession, but in the spring of 2023, both the US stock market and BTC took off. Short term fluctuations are inevitable, but the trend logic has not changed. Below, I hope everyone can take a note: one ️⃣ The downward trend of inflation is clear, and the Federal Reserve will eventually enter a loose cycle; two ️⃣ ETFs have allowed Bitcoin to enter institutional asset pools, where outflow does not necessarily mean abandonment, but rather a position adjustment under the premise of insufficient liquidity; three ️⃣ Government shutdowns and tariff disputes are just signs of fatigue in the old system - funds will eventually seek a more efficient and secure safe haven. So don't panic. Every deep drop is a stage of differentiation among the strong. The liquidity that should come will not disappear, it is only temporarily waiting for a better entrance. ——The bull market is not in the news, but in the patience. If you see these things making you anxious, try to stay away from the market and noise now! Patience is more expensive than gold!