Recommended reading. What the experienced driver teacher mentioned is something to pay attention to. In addition to private equity lending, I have also discussed with Ni Da @ PhyrexNi privately about the geopolitical impact of inflation and the US economy that we are facing now The US stock market has been rising for so long since the beginning of 2023, and there has never been a decent pullback. Moreover, the cash reserves of global fund managers are already at their lowest, and funds are all in positions. At present, institutions may still be optimistic about the market. Although Nvidia's financial report exceeded expectations, the forward guidance has also caused market concerns, coupled with excessive capital expenditures. It may be thought that the economy will not decline, but there are no bullets left to continue pulling the stock market. I'm referring to the total market value of the US stock market It may be thought that a crisis would require institutions to replenish cash and trigger a new market trend, just as the old driver wrote at the end of the article. But now it's uncertain, and this private equity credit may not necessarily explode, and the timing is also unknown. Now it is not yet a necessary systemic collapse. But the risks are real and cause concern for institutions again. So this line needs to be observed while walking. Speaking of the issue of economic recession, yesterday's unemployment rate was 4.4. If it weren't for geography, it's hard to say how the market would interpret last night's data. Perhaps it will be beneficial for speculating on the expectation of interest rate cuts. Of course not. Now with the expansion of geography, the weight of market attention is very high. Now that geopolitical influences are involved, the subsequent macro data will depend on how to provide it. Speaking of geography, Trump has always wanted to cool the geopolitical situation in the Middle East. Does he care about oil prices and inflation? If there are no issues above. Inflation is controllable, with Walsh announcing interest rate cuts, loose monetary policy, and increased liquidity. We can still look forward to the second half of the year. As long as the US stock market is good, BTC will not be very bad. Now it's about taking one step at a time. Several lines need attention. If private equity credit is triggered by a major thunderstorm or economic recession So in the short term, the risk market may collapse. Of course, this is also a good thing. It actually means neither breaking nor standing.