pierce to the heart of the matter! The conversation between CZ and Mujie directly clarified the macro driving force behind the strong recovery of the cryptocurrency market and the true trend of institutional funds. CZ first pointed out the macro logic of the election year. He believes that in order to stabilize the situation before the midterm elections, the United States will make every effort to maintain the strong performance of the US stock market, and this funding heat will directly overflow and strongly boost the cryptocurrency market. Based on the resonance of this macro cycle and the solid support of Bitcoin at its previous high position, he predicts that the market's recovery speed this time is likely to be faster than any rebound in history. Mu Mu later confirmed the underlying structural changes with actual data on capital flow. She pointed out that traditional financial institutions have long studied the four-year cycle of the cryptocurrency industry very thoroughly. They did not blindly enter the market during the frenzy, but waited extremely patiently for the opportunity for a correction to occur. From the current flow of funds, it can be seen that these traditional old money are conducting unprecedented large-scale warehouse building. CZ then pointed out the most core characteristics of institutional fund entry: extremely slow decision-making mechanism and extremely long holding period. Compared to the frequent turnover of retail investors, large institutional capital requires committee approval, and they may spend a whole month to raise one billion US dollars. Once the purchase is completed through channels such as ETFs, the holding period is usually calculated on an annual basis. This means that a huge amount of chips are being locked in by institutions for the long term, and the market's liquidity will continue to be drained, thus building an extremely strong bottom support for asset prices. Only by stepping out of the perspective of intraday fluctuations and understanding the logic of long-term capital accumulation can we be more confident about the future market direction.