Today's panic index is 68, and the market is still in a state of greed. Although Bitcoin has risen to an all-time high of $111,000, it has not shown typical signs of market overheating. The current spot trading volume is only $7.7 billion, which is low and far below the peak levels of previous bull market cycles.

From a macroeconomic perspective, the current situation is gradually favorable for the digital asset market. The legal regulations that are beneficial for cryptocurrencies are continuously improving, and expectations of interest rate cuts are providing significant support for the market. Looking back at the last bull market, after the S&P 500 reached an all-time high, cryptocurrencies experienced several months of consolidation before a strong breakout. Now that the S&P has reached a new high again, it is expected that after a period of consolidation, cryptocurrencies will also enter a strong breakout phase. Therefore, investors just need to hold onto their spot assets and wait for the right opportunity.