From a macroeconomic cycle perspective, we are indeed still around the end of 2019 to the beginning of 2020,

it's just that the time span has lengthened, and in between we experienced the halving, the election, and ETFs.

This has created the current situation; let's see if the current ETH / BTC exchange rate is similar to what it was in 2019.

What we need to pay attention to is whether there will be a conclusion on the balance sheet reduction in this interest rate meeting... also, whether the next step is a soft landing or a recession. If it's a recession, then it would be the 312 of this cycle.

Only when we truly expand the balance sheet and have monetary easing will it be the real bull market for risk assets.

Right now, it's just an appetizer. By the way, this rise in exchange rate is the true altcoin season.

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