The market during this period, #美联储恢复降息进程 , really makes it hard to breathe.

Bad news comes one after another - Japan just announced an interest rate hike, and then MicroStrategy is rumored to possibly reduce its Bitcoin holdings. The whole market feels like a weak patient; no matter what medicine you feed it, there's no sign of improvement. To be honest, this wave is even weaker than I expected.

The Federal Reserve announced that it has stopped the balance sheet reduction, which sounds like good news, right? But the problem is that the market has already fully priced in this expectation. Even though the probability of a rate cut in December has soared to 87%, the market is still dead.

This is the most frustrating aspect of a bear market: any positive news feels like it's hitting thin air, while even a casual piece of negative news can create a deep pit in prices.

We have to face the reality: making money in the spot market in the current environment? The difficulty is at least three to four times that of a bull market. The volatility is pitifully narrow, opportunities are fleeting, and the rotation of hot spots is so fast that you can't react in time. If you can manage not to lose money right now, to be honest, you are already better than 95% of people in the market.

Don't be too anxious. We were actually prepared a long time ago. Do you remember the beginning of October? At that time, the market was still immersed in fantasies, and we decisively chose to exit at the top and started to lay out short positions.

This is not hindsight bias, but a complete set of response strategies. The subsequent decline and the profits from short positions have confirmed this judgment.

So in the face of the current weak market, we are confident. The previous round of defensive strategies has already accumulated enough "ammunition" and patience for us.

What to do next? The path is very clear:

**Lower Expectations**: Stop dreaming about assets multiplying several times at random. It's survival mode now, it's time to plant seeds for the next round.

**Focus on the Core**: If BTC and ETH can't hold on, there's no need to talk about other coins. Filter out that 99% of noise directly.

**Stay Flexible**: Don't shoot all your bullets at once; keep some cash on hand for the next certain opportunity that arises.

**Distinguish between a rebound and a reversal**: Before a truly strong driving force appears, all rises should be regarded as rebounds.

A bull market is the season for harvesting profits, while a bear market is the time for sowing the future. It's not about who can run fast now, but rather who can survive longer and see clearly.

Stay patient and keep the discipline. Often, the darker it gets, the closer you are to dawn.