Regarding the current market, I have observed several key changes:

First, at the macro level, there are signs of a brief easing in the China-U.S. tariff war—although the 30% tariff is still far higher than the 2.5% at the start of Trump's administration, the 90-day suspension period has relieved some market pressure. However, it is important to note that the overall tariff rate still stands at 17.8%, and this trade environment is unlikely to return to what it was before. Essentially, tariffs remain a tool of political maneuvering, aiming to balance China-U.S. trade while catering to the core voter base interested in "manufacturing return."

Economic data presents a contradictory picture: manufacturing indices show contraction, consumer confidence is low, inflation expectations are high, and port freight volumes have sharply decreased—these "soft data" indicate recession risks, but actual economic data remains relatively robust. The suspension of tariffs may temporarily alleviate concerns, but uncertainty persists, and the market could change direction at any moment.

The cryptocurrency market is unusually sensitive to liquidity and is currently sniffing out some favorable signals: continued large government spending, an upcoming wave of debt refinancing, and a potential slowdown in inflation may prompt the Federal Reserve to shift its stance. These factors together have led to expectations of a "altcoin season"—the recent continuous rise in altcoins and meme coins is a sign of this. If we truly enter an altcoin season, funds will flow from Bitcoin to other crypto assets, creating a frenzy similar to that of 2021.

Our strategy is to remain cautiously optimistic:

- Currently, the price of Bitcoin is not attractive enough

- Allocate some profits to high-risk assets

- Focus on two types of targets: emerging tokens with strong community support, and fundamentally solid DeFi projects

- Maintain sufficient cash to wait for better entry opportunities

Risks to be aware of include:

- If Bitcoin cannot break its previous high, the entire market may lose momentum

- The traditional summer off-season may bring volatility

- Rising long-term interest rates could suppress the valuation of risk assets

- Stalled U.S. cryptocurrency legislation may become a potential negative factor

Lastly, a reminder that even if we enter an altcoin season, not all tokens will rise. As the market heats up, risks such as hacking attacks and scams will also increase. We want to seize possible upside opportunities while remaining clear-headed, waiting for a safer entry point.