Macro Operation Guide

1. The abnormal fluctuations in U.S. Treasury bonds reflect that the liquidity of the dollar is facing cracks; however, the current risk level is still far from reaching the critical point of a crisis outbreak, and overall volatility remains within the range that the market can self-repair.

2. In a period of shrinking dollar circulation, Bitcoin and gold will become important value stability anchors. In the future, the dual-track storage system of 'official gold' + 'private Bitcoin' will be an important supplement for the de-dollarization of emerging markets.

3. The policy combination of 'high tariffs + weak dollar' may help enhance the international competitiveness of U.S. manufacturing, but it inevitably weakens the credit foundation of the dollar. Looking back over the past decade, Bitcoin has shown a significant negative correlation with the dollar index; therefore, during the dollar depreciation cycle, Bitcoin is likely to perform strongly.

4. In the recent significant fluctuations of the capital market, Bitcoin's risk-adjusted returns have significantly outperformed most traditional safe-haven assets, and its increase in volatility is also far lower than the VIX index, indicating that Bitcoin has shown good safe-haven properties.