The most important point after the beautiful bill was passed is that it raised the debt ceiling by $5 trillion. At the previous annual increase rate of over $2 trillion, this amount is sufficient for two years, and the debt will be issued gradually.

Now, with the TGA account balance continuously decreasing and the Federal Reserve not injecting liquidity, once new U.S. debt is issued and pushed into the market, it will inevitably lead to a liquidity shortage. The existing market water reservoir (the cryptocurrency market is also part of this reservoir) will be continuously drained until the Federal Reserve cuts interest rates and injects liquidity. The market during this interval is very fragile and can easily experience a rapid flash crash due to unexpected events.

Therefore, at a relatively high price level, I think low-multiple short selling offers better cost-effectiveness. Waiting for the market risks to be completely cleared before re-entering at a lower price would be ideal.

Looking at the continuously decreasing balance in the TGA account, it is inevitable that selling bonds to replenish will follow. All water in the world shares a stone; U.S. debt monopolizes eight parts, U.S. stocks take one part, and the cryptocurrency market shares one part with other assets, and it is still occasionally drained by the Black Mountain Old Demon. So, what objective conditions does the cryptocurrency market have to rise independently of the fundamentals now?