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I didn't expect that under the influence of the major negative news in the market yesterday, the three major stock indices opened lower but ultimately all closed higher.

The Federal Reserve stated that there will be no action in the next two months and needs more time to observe the market, which can be understood as, although there are currently no actions, there will be a rate cut at the latest by September, continuing to paint a rosy picture for the market.

The retail investors' behavior of 'buying on dips,' although successfully stabilized the market in the short term, could lead to increased valuations and heightened bubble risk if they continue to chase high prices due to market rebounds.

In other words, there is a divergence between retail investors and institutions regarding 'smart money' in the current market. Retail investors believe it's 'buying on dips,' while institutions may think it's 'high position exit' at the moment. I just want to say that different people have different views; ultimately, the bulls and bears will continue to confront each other, and we will see the results in the end.

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