Today, the A-shares rose sharply. Previously, I shorted 10 altcoins and clearly felt that there is a strong rebound desire for the domestic currency, such as arb.

I don't know if the current crypto market is at the tail end of a bull run, but it is certain that we are past the halfway point, from BTC reaching 30,000, to BlackRock's strong entry, to the first breakthrough of 100,000. The ETF started taking profits, but MSTR, relying on its own strength, rampantly bought and pushed BTC back up, combined with the funds following the ETF, pushing it to a high of 120,000.

Now, the supply of crypto stocks has surged, ETH has absorbed funds for several months, Sharplink, Bitmine, the price-to-book ratio is approaching 1, and MSTR is only at 1.3. The supply-demand relationship is beginning to rebalance, and the market is unwilling to give crypto stocks a large premium. The buying momentum has clearly weakened. How much longer can it rise? After all, cryptocurrencies like BTC and ETH do not generate cash flow. If every trader is destined to be a passerby, then significant cyclical fluctuations will inevitably occur. In a PVP environment, someone always has to place orders. Now, we need to closely monitor marginal buyers. This person used to be MSTR, but once it breaks below book value, MSTR will surely stop. When will the next BTC guardian appear?