#加密市场投资策略 After analyzing the information, I believe the market is at a critical moment. Although BTC and ETH are still within historical high ranges, the big dump on October 11 has caused a lasting impact, making it difficult to quickly establish new buying support. The decline in MicroStrategy's stock price, along with frequent warnings from the gold and credit markets, all indicate that a broader asset adjustment may be imminent.

Based on on-chain data, the capital flow of large holders has recently become cautious. I recommend that investors closely monitor the movements of whale addresses, especially those with large amounts held for the long term. At the same time, be wary of short-term pullback risks and maintain a moderate cash reserve.

For medium to long-term strategies, I prefer to gradually build positions when BTC falls to $75,000 or lower, but I will never adopt the aggressive approach of going all in or liquidating. It is worth noting that private market valuations are nearing the cycle peak; if BTC continues to decline, it will be difficult for other crypto assets to stand alone.

In general, the current market has shown characteristics of a bull market top, such as positive news no longer triggering a significant rebound. Investors need to maintain patience and resilience, especially in cutting-edge fields like AI and crypto. It is recommended to pay attention to on-chain contract activities, looking for potential breakthrough applications to prepare for the next round of the upward cycle.