Last night, I discussed my recent market views on @PANewsCN's space: As you all know, I'm a cyclical investor, strongly believing in the four-year cycle of cryptocurrencies. Fluctuations during this period are just noise. Bitcoin has fallen 40% from its peak, and there's still room for further decline. All decisions shouldn't be based on the assumption that the market has bottomed out. Currently, the US stock market is under significant pressure. Whether it's the midterm election defeat, Huang Renxun's off-field news, or ANT's IPO, all these factors bring substantial downside risks to the US stock market. Investing now is not cost-effective; perhaps buying some put options could be a good hedge against the impact of surrounding markets on BTC.