There are new developments on the macro front. The Federal Reserve injected $16 billion in liquidity today, marking the second round of large-scale liquidity infusion since the pandemic. Industry insiders point out that this round of liquidity injection will be more aggressive than before—think back to the crazy bull run after 312, and you'll understand how much liquidity flooding impacts the market.

What's even more interesting is the microstructure on the chain. After reviewing the data, the number of addresses holding BTC and ETH in institutional wallets is still increasing, while the exchange balances of these coins have dropped to recent lows. What does this mean? Chips are rapidly consolidating, and retail holdings are decreasing.

Within this structure, a phenomenon is hidden: once the market truly starts moving, the situation for short-sellers will become very awkward. A large number of open positions waiting to be liquidated are piling up, and forced liquidations could trigger a chain reaction. From a technical perspective, the pressure to liquidate is enough to push for a significant upward move.

Overall, the scenario of ample liquidity combined with tight chips has already formed. These two conditions rarely appear together, and once they do, an upward trend is usually just a matter of time. Some who saw this early have already closed their short positions, while those who continue to hold are risking heavy losses, as can be imagined.

Strategically, the current logic is to prepare funds, enter gradually at lows, and wait for this structure to release energy. Short-term fluctuations are just noise; what truly matters is that the overall direction remains unchanged.