The Federal Reserve is likely to cut interest rates twice before the fourth quarter, and the same will be true in 2026. Although the reduction in the balance sheet will prolong the cycle, and although the reduction in the balance sheet will ease, monetary policy will not be relaxed. The first thing I do when I wake up in the morning is to read Ni Da's tweets. With one article, I can grasp the real-time macro situation, save time and effort, and continue to be in short positions in the spot market. I estimate that BTC's market is fluctuating within a certain range; I'm not sure about the knockoff, I dare not touch it easily.