Today I woke up at around five o'clock again, turned on the market, and was confused, with a black question mark on my face. BTC is still sucking blood. I opened the circle of friends again and found that before the old leeks got on the bus (waiting for 15,000 US dollars), BTC had risen to 44,000 US dollars. Yesterday I was thinking about whether to short a small position. Fortunately, I didn't do it, otherwise my position would have been liquidated.

I think the main reason for this violent rise is the expectation of Bitcoin spot ETF, followed by Bitcoin inscription. The former has an out-of-circle effect, which will be an epic benefit after its implementation and is a milestone in the history of Bitcoin development. The latter has stimulated the community's interest in the Bitcoin ecosystem. Just looking at the price of ORDI is incredible. Inside and outside the circle, two good things resonate.

Here’s a little story: I worked the morning shift this week. I arrived at my desk before 7 o’clock yesterday and handed over to my colleague next door who works the night shift. He is responsible for editing overseas financial markets. I said, (we haven’t seen each other for many days), BTC has risen to 42,000 US dollars. He said it wasn't many days, just a weekend. I said that now everyone is speculating on expectations, and there is still room for ETH to make up for its growth. He said that he would wait until the news about spot ETFs actually comes out before entering the market.

Time did not wait for us. After only 24 hours, BTC did not pull back and rose all the way to 44,000 US dollars. At around 6 o'clock, I got ready to get up and go to work, and finally wrote down a few conclusions:

1. With BTC rising like this, it is basically certain that the Bitcoin spot ETF will pass. Because the market is dominated by institutions, institutions have information advantages.

2. When will there be a callback? I don't know either. Looking at the high position now, I feel panicked. Market confidence is constantly accumulating and there is no negative news. I think the high level is supported. In theory, a wave of correction is needed to bring about the carnival of copycats.

3. The next bull market will be crazy beyond imagination. Retail investors + institutions + state funds enter the market and resonate. The fundamentals of the encryption industry are not what they used to be. Both infrastructure and product applications are more solid than in previous years. In the next 1-2 years, there will definitely be more things in the industry that exceed the upper limit of our knowledge, so when you encounter a good project, don’t get off easily.

4. Beware of "Death of Heaven" projects, and buy projects from the four major exchanges at the same time, especially Layer 1 public chains. Either don't buy them, or wait for a sharp drop before entering the market. I have suffered losses in FLOW, ICP and CSPR, and I never want to suffer losses again.