Last night's pump seemed to be an emotional rebound on the surface? In fact, there are two hard logics hidden behind it:

First, the expectation of interest rate cuts suddenly heated up in December; second, a certain major country has released signals of easing trade relations—those with keen senses understand what this means.

But to be honest, these two are really not the core driving forces.

What the market is really betting on is the turning point of global liquidity in 2025! This is a systemic variable that can reconstruct the valuation system of all assets. Once you understand this layer, you will realize why short-term fluctuations are not worth getting tangled up in.

Say it again: key insights:
Don't always focus on the up and down movements of the K-line in front of you. The capital market always prices the future six months to a year in advance. What you need to do is not to predict tomorrow's red or green, but to identify the direction of the big cycle and then firmly position yourself.

Rise and fall is a technique, but trend is the principle. When the liquidity cycle starts, standing on the right side is more important than anything else.