I also talked about this with my friends today, and the rise in the risk market is very similar to the trend from April 11 to May, on the one hand, it has just come out of the tense tariff issue (tariff delay), and on the other hand, there are expectations for monetary policy, and Trump shouts Powell every day. All the main sentiment at the moment is coming from the passability (tariffs until August 1) and the expectation that Trump will finalize the new Fed chairman, or at least his candidate, in July, but the bond market is not so optimistic, and the 10-, 20-, and 30-year Treasury bonds all indicate that the Fed is not so fast on the path of a full-blown rate cut. For $BTC, it is still highly consistent with U.S. stocks, and the decisions of investors in U.S. stocks will inevitably reflect the cryptocurrency market, it's just a matter of time, Bitcoin has indeed started to increase last Thursday, but this volume has not reached a very high level, compared with the peak in 2024, the gap is far away, so the buying volume is not very strong, and more people don't want to buy. In the past, the more people wanted to sell, the more they rose, but now the more they rise, the fewer people want to sell.