There are only 4 months left in 2025, and the bull markets in A-shares, U.S. stocks, and the cryptocurrency market have entered the final stage.
This wave of market activity began in 2023: After the Federal Reserve raised interest rates in 2022, putting pressure on the market, U.S. stocks and Bitcoin started to recover first, and A-share tech stocks also gained momentum during the same period, and it has been nearly three years since then.
It should be noted that the craziness in the cryptocurrency market often appears at the end of a bull market, which is different from the rhythm of U.S. stocks and A-shares.
The market may transition into a bear market in 2026, requiring a reduction in positions and lowering leverage, focusing on defense, as next year's market is likely to be brutal.
ETH may reach $6,000 this year, but it is not impossible for it to drop back to $1,000 in a year or two, with significant risks in between.
The principle of capital markets borrowing money first and repaying debt later remains unchanged, and we have now reached the debt repayment point.
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