I have been in a state of feigning death and have not completely cleared my inventory. Perhaps it is because I am indecisive, or perhaps I am stubbornly resisting. There are several reasons for this: 1. Previously, multiple bull markets ended due to the decline in liquidity, such as the one in 2021 that entered the interest rate hike cycle, and this time there is a high probability of further interest rate cuts, with a high probability of implicit QE; 2. Part of the reason for the end of the 2017 bull market is the end of innovation. The pure ICO model cannot sustain a sustained bull market, and there is a serious shortage of incremental funds. This round is on the eve of large-scale adoption by institutions; 3. In the downward phase of the bull market in 2021, there were multiple black swan events, including the FTX explosion, Luna/UST explosion, 3ac explosion, and so on. Recently, there have also been serious impact events on the industry, such as the 10.11 historical explosion, the 100 million fund loss caused by the blacklisting of Balancing, and the detachment of Screamfinance stablecoin. However, the fundamental impact on Bitcoin this time is the collapse of MSTR, which involves US listed companies and the BTC theoretical price of MSTR collapse is extremely low. Therefore, I think this risk is particularly low. These recent events are not enough to shake the foundation of the industry; 4. The mission of the US government to turn Bitcoin into digital gold has not been completed, and the mission of turning the encryption industry into a shadow tool to absorb US treasury bond bonds has not been completed; 5. From the candlestick pattern, it appears that there is indeed a divergence at the top of the weekly chart, and it is likely that a reduction or even clearance operation was made early on. However, it was not done at that time, and I don't think it is meaningful to cut back now; 6. Although there has been a deviation, there has been a large amount of buying in the 10.11 trading volume, and the stock on the exchange continues to decrease. The number of whale addresses holding>100BTC continues to increase, so I think the basic market is still in place. Of course, there were also many problems during this period. For example, the unscrupulous liquidity of various project parties of Chuanpu has led to serious loss of blood among traders in the secondary market, a serious lack of retail trading sentiment, there may be no explosion of historical positions on October 11, liquidity problems exacerbated by the suspension of the U.S. government, insufficient interest rate reduction by the Federal Reserve, and the late end of QT. So, this is a very difficult stage. Think about me, I am the humble person who is losing money and singing the praises of the bull market, while those who say that a bear is coming, whether right or wrong, may be the ones who laugh and make money in the end.