Currently, the top ten reasons for bearish views on BTC, ETH, and altcoins on the stock exchange are: Firstly, I am currently bearish, not always bearish. Funds are always in rotation, but at the current market stage, I am unwilling to go long on any target in the Crypto market. And I will provide my observation indicators to determine when I enter. (1-minute PVP is no longer within the scope of discussion) 1. The core reason is that Crypto's internal liquidity has significantly shrunk since October 11th, lagging behind various financial markets. 2. Crypto currently has no new narrative and lacks the ability to attract off exchange funds. 3. AI is a popular Crispy fried chicken, and its core target is the six major stock markets in the United States, China, Hong Kong, Taiwan, South Korea and Japan. This is the place that can tell stories the most, has the greatest attraction to funds, has no regulatory barriers, and has the best liquidity. 4. Human attention is limited, and if funds unite with AI, Crypto will not have a trend market. 5. Crypto still faces significant regulatory issues, with Dongda, one of the world's two poles, still maintaining a high-pressure regulatory stance towards it. Crypto or BTC has not demonstrated sufficient united front value. 6. Central banks around the world continue to purchase gold, and no mainstream economy intends to use BTC to resist the risk of fiat currency. The period of the world's strongest traffic Trump's call for orders has passed. 7. From a macro perspective, the expectation of the Federal Reserve cutting interest rates has decreased. Recently, there have been ongoing geopolitical conflicts, high oil prices, strong US employment in December, and rising inflation, which have weakened expectations of interest rate cuts. 8. Trump's promotion of Powell has led to a shift in public opinion towards maintaining the independence of the Federal Reserve, resulting in a decrease in the chances of dovish Hassett being elected as the Fed's chairman. 9. Japan continues to raise interest rates, despite the current weakness of the yen due to Japan's aggressive fiscal policies and high inflation. But the funds with the highest risk bias in the world have begun to shrink, and for Crypto, which is the longest tail risk market, caution must be exercised. (Here you can open the weekly chart of Japanese yen/US dollar and compare it with the ETH market chart since April this year, the meaning is clear at a glance) 10. Please open the weekly chart of BTC, where the head and shoulders are forming, and then open the monthly chart of BTC to see which period in history the current K-line pattern most resembles?