Now is not the peak of the cycle + there will inevitably be a premium altcoin Meme season①; "Do you think the 4500x PE of Cambrian is more valuable than ETH?" Premium altcoin Meme season, this is not some mindless act of seeking a sword in a boat, it's a difficult-to-break rule of capital and human nature. When liquidity is abundant and capital chases profits in large-cap stocks, it's like winning money in a casino and then wanting to bet on small-cap stocks (betting after winning); Recently, capital chasing emerging markets (A-shares) is a typical example of increased risk appetite; Liquidity is still on the rise, this is the core of the core; Even without considering the increased proportion of liquidity absorption by crypto in the later stages of the cycle (which means sucking liquidity from gold and other commodities), just considering the current asset basket ratio: The price of BTC by the end of 2025 should be between $150,000 and $170,000, which is a conservative estimate because the nature of the crypto market in the later stages of the cycle will create a sucking effect on other currencies as a hedge against depreciation; BTC sucks gold & commodities → ETH sucks BTC → Quality altcoin Meme sucks ETH (PEPE50B-69B) → Picking up money on-chain to create wealth → Triggered by macro events → Collapse;