Here’s the translation: --- Thoughts over the past few days: 1. The rise in funding costs has already exceeded inflation expectations. From September 4 to 10, the yield on the U.S. 10-year Treasury increased by 17 basis points, with the real yield rising by 12 basis points. The inflation compensation implied by the difference between the two only increased by about 5 basis points. Even if the next inflation data looks good, there’s still not enough support for a broad-based rally. 2. After the Treasury announced in September that it would increase the scale of long-term bond buybacks to $6 billion, long-term bond yields still went up. Expanding Treasury buybacks can improve the liquidity of old bonds but doesn’t mean the Treasury is "printing money." In reality, policies will prioritize maintaining the operation of the financing system, while tolerating risk assets continuing to bear high funding costs. 3. Investors in ETF accounts who sell BTC are unlikely to flow down the chain to BTC, ETH, and smaller coins. The reason is that funds now have more options—buying stocks, short-term bonds, or simply withdrawing cash. Meanwhile, from September 8 to 11, BTC ETFs saw a net outflow of approximately $463 million, while ETH ETFs had a net inflow of about $197 million during the same period. This shows that BTC investors and ETH investors are already making different choices with their funds. ---