Firstly, the fundamental basis of the BTC bull market knockoff season is monetary easing. Although there has been a slowdown in balance sheet tightening, it is still tightening, and high interest rates (4.5) Next, we will look forward to the end of the table reduction and the expansion. And it's not the end of shrinking the balance sheet, it's about to expand the balance sheet, there needs to be a liquidity crisis to have expansion. There is a strict distinction between table expansion and QE. Expanding the coverage of the table is broader, and it can be said that QE is one of the ways to expand the table. QE is an unconventional measure after interest rates are reduced to zero, and it is difficult for short-term interest rates to drop to zero all at once. Whether it's expanding the balance sheet or QE, both are monetary easing. Limited easing is also easing, which is stronger than tightening. This is a real capital advantage for the risk market and can enhance the investment preference of funds. Now, although the Federal Reserve's dot matrix is twice this year and twice next year. Note that this is only current expectation management and does not necessarily mean it will be the case in the future. In fact, the biggest uncertainty in Lao Bao's speech is the issue of tariffs. Because there are only a few things, economy, inflation, and employment. The economy will not know the situation for the first quarter until the end of next month. Employment is currently okay, and inflation depends on next month's tariff reciprocity. There are significant variables ahead. For example, if the impact of tariffs is not as significant and there is no sustainability, and inflation continues to decline beyond expectations, then you can see if Lao Bao's attitude will change. Currently, Lao Bao needs to practice Tai Chi. Need to stabilize emotions. Next, I walked and looked around.