Recommended reading. Brother Wu is too professional. This article covers US dollar liquidity, US stocks, trend markets, and even the possible future direction of cryptocurrency "shanzhai" I'll also play with the axe in class. Let's talk about liquidity first. Although we are currently in a period of pause in interest rate cuts, we should be able to look forward to it when Walsh comes up. In the macro cycle, we are actually still in the late 19th and early 20th stages, At that time, due to the recession caused by the pandemic and other factors, the Federal Reserve implemented QE. However, at present, it is only a matter of time before we move towards easing. The second half of the year can be anticipated. And there will be midterm elections in Q4 this year. When interest rate cuts continue and liquidity easing appears, it can be expected for risk markets (US stocks+BTC). The US stock market is a simple model, only focusing on technology stocks and macro liquidity. You will find that it is highly influenced by monetary policy. Since the end of the first phase of violent interest rate hikes in early 2023, the top ranked companies in the US stock market have experienced a good upward trend. until now As shown in the figure below Actually, what Brother Wu said is not wrong. Over 5500 companies, including Nasdaq and the New York Stock Exchange, have a market value of up to $87 trillion. Among them, there are 10 companies with a market value of more than $1 trillion, in addition to the seven sisters in the US stock market, and then there are TSMC, Broadcom, etc The last 11-35 are all with a market value exceeding 300 billion US dollars. The top 35 companies have a combined market value of over 30 trillion US dollars, accounting for one-third of the total market value. And over 5400 companies will share the remaining market value in the future. I don't know if this pattern will happen in the cryptocurrency market. That is to say, those who are strong will continue to be strong, while those who are poor will.... Basically, from 2017 until now, it has truly survived through multiple cycles. Almost rarely. In fact, I have discussed the innovation and actual implementation of encryption with Brother Wu several times. The current total market value of encryption is only 2.37 trillion US dollars. BTC+ETH market value is close to 1.6 trillion yuan. The remaining amount is less than 0.8 trillion US dollars. If more new assets are born in the future, and liquidity becomes more loose, even new issuance methods can be iterated. The dividend period of encryption may be even longer than we imagine. Anyway, the cryptocurrency market is a global market.