The current market is not particularly optimistic. After a quick chat with @thecryptoskanda, it is still necessary to highlight the risks.

1. The circle PE is too high. If it truly affects the pricing of Coinbase's stock, it could cause a market crash.

2. The S&P is hovering around a new high, while hedge fund positions are significantly overrepresented. Institutional positions are not high, and retail holdings are too high. Moreover, retail positions are relatively weak, which means the current S&P is also fragile.

3. Before the U.S. debt ceiling is raised, there will be repeated speculation about default (technical). This is a market consensus.

4. Non-farm payroll expectations are not good.