From a macro cyclical perspective, it is indeed still around the end of 2019 to the beginning of 2020, It's just that the time has been extended, and there have been half cuts, elections, and ETFs in between So it has created the current situation. Let's see if the current ETH/BTC exchange rate is very similar to the previous 19 years What we need to pay attention to is whether there will be a conclusion on the reduction of balance sheet in this interest rate meeting.. And whether it will be a soft landing or a recession next, if there is a recession, then it will be the 312 of this cycle Then when the balance sheet is truly expanded and monetary easing is implemented, it will be the real bull market of the risk market, Now, it's just an appetizer. By the way, this exchange rate rise is the real knockoff season 😄