October 31, 2025

In the blink of an eye, October is coming to an end. Due to the unprecedented crash on October 11, the market has entered a prolonged recovery period. Generally speaking, such a massive liquidation event will require several months for recovery. Originally, October and November were a good time for us to offload, but now it feels a bit awkward. This is because the external macro environment continues the interest rate cut cycle, and the US stock market keeps hitting new highs, while the cryptocurrency market appears extremely sluggish.
This year's performance in the crypto market has not met expectations and has not outperformed the U.S. stock market, and it is even worse than the neighboring A-shares, let alone those altcoins that are stuck. Many are still on the road to breaking even. The funds that entered this year are basically capital, in other words, there are more experienced players and fewer novices, which has turned the crypto market into a place of mutual competition rather than the community co-construction it used to be.
Of course, aside from the temporary price fluctuations, the crypto space is indeed an incremental market that is worth our deep participation. However, as the risk appetite of incoming funds decreases, the choice of assets becomes extremely important. Don't waste your emotions and opportunity costs on worthless altcoins; this is something I've repeatedly emphasized. Additionally, with the expansion of the crypto market, short-term spikes and drops in prices are becoming less frequent, which means we need to lower our profit targets and perhaps focus more on swing trading.
In terms of the market, the overall index dropped sharply yesterday. Although the short-term decline was significant, it did not break the previous low, so it is considered another bottom test. I mentioned before that the central price of Bitcoin is 110,000 USD, and fluctuations above and below this can be accepted. Technically speaking, as long as the Bitcoin price does not fall below 90,000,