Finance is speculative anticipation.

Ahead of the Fed's pivot in November, traders had generally begun betting on a halt to rate hikes and started buying – a shift in expectations that created a shift in market risk. The cryptocurrency circle's own news also has the expectation of ETF passing. The combination of the two caused a bull market in which the currency circle bottomed out and began to rise in October.

There is only one shuffle in the middle of this round of rise, that is, the grayscale smashing after the ETF landed in January. It then continued to rise to the peak of March. The peak of March, looking back now, there are still many signs that it can be judged to be the top. On the macro front, there was also a huge turning point in March