Sometimes I think that perhaps the last breath of this generation of capitalism is to inject speculation into everything; after that, we will return to the starting point and revalue art and creativity—using capitalism more as a tool for driving substantial progress, and then around 2100, we will enter another peak super cycle of speculation. The performance of $HOOD, $COIN, $HYPE (and some other assets) actually confirms this hypothesis as we contemplate the "super application of speculation." In addition to the prediction market, which is both a tool for speculation and a prophetic mechanism leading to the real world, it may become another core module. The essence of late capitalism is to try to lure retail investors into a cash harvesting mechanism, while retail investors are exceptionally eager and firmly believe they are not the ones being harvested. Not trying to be contrary, but the current public market does feel a bit like there is a "top signal accumulation" (of course, it could just be short-term, so don't take it too seriously). The stock market is approaching historical highs overall. Those companies with the weakest fundamentals are actually rising the most (many companies have achieved 2x or even 10x increases in the public market over the past 90 days), coupled with high retail investor sentiment and aggressive entry. Macroeconomic data may be weakening. The Federal Reserve's rate cuts are also slower than many expected. There is a disconnection between altcoins in the crypto market and the stock market. The funding flow structure of Bitcoin and Ethereum is quite different (possibly supported by a model similar to MSTR), while altcoins had previously followed the rise of U.S. stocks early on, but are now the first to pull back. This may also be due to the complex situation in the Middle East, coupled with the higher leverage and further risk curve of altcoins, making them easier to scare off compared to retail investors who are "all in on stocks." But I haven't even mentioned everything happening in the private tech and AI sectors. In the public market, the only uncertainty left is whether institutional investors (mainly hedge funds) have taken the wrong side in this round of the market—so we may still see a wave of "fear of missing out" funds coming in, accompanied by short covering and more incremental inflows. In any case, as we have often said in the past few years, investing is supposed to be difficult. We may be heading towards a market with greater volatility and more differentiated performance. But right now, these changes are becoming increasingly hard to ignore, and the market may be undergoing a turning point.