Hai Ge observes daily on May 20, 2025: When I woke up in the morning, the pancake stabilized and I felt very relieved. If the US stock market does not open on weekends, the liquidity will be much lower, which also affects some indicators. Today, a total of 32 indicators were observed: 6 indicators showed bullish (2 fewer than yesterday), 10 indicators showed bearish (3 fewer than yesterday), and 9 indicators showed uncertainty. Among the key selling indicators, 2 are long, 3 are short, and 2 are uncertain. There is no particularly significant news at the macro level today, but some institutions and media in the industry have started to release their outlook for 2026. I have noticed that institutions are more optimistic and optimistic about the market in 2026, while the media is more pessimistic and believes that the demand for buying Bitcoin is getting weaker and weaker. In addition, some of the previous expectations have already been fulfilled, such as the Federal Reserve cutting interest rates and the Japanese yen raising interest rates, which have provided some support for the market. The next expectation is whether Strategy will be excluded from the MSCI index. Now, the media is crazily hyping up this, which worries many investors because it directly involves the issue of capital outflow, and its impact will be more direct than interest rate hikes and cuts. I will post separately later to analyze. Okay, let's return to the key indicators that need to be mentioned today: 1) The fear index VIX of US stocks continued to decline, which reflected that the expected future returns of US stock investors were lower, but the interest rate of treasury bond bonds fell after the superposition of interest rate cuts, which was beneficial to cryptocurrency, because the fluctuation of cryptocurrency might bring higher returns to it; 2) The trading volume of counterfeit products has recently improved, and the overall market value has also rebounded, which has been reflected in the market; 3) The main indicator of funds is outflow, and ETFs also show weekly outflows that offset the inflows of the previous two weeks. This actually reflects the maturity of the market, and ETFs have become a configuration tool, rather than necessarily leading to the rise or fall of Bitcoin. The above is the indicator situation and fundamental analysis monitored by Hai Ge for everyone today, hoping to be useful to everyone. I will also communicate with everyone via telegram: https://t.me/higerblock