The downward pressure stems from Japan's rate hike panic and leverage liquidations. On the surface, it's a K-line roller coaster, but in reality, it's a rapid turnover of chips. Smart capital has already laid out the underlying logic: the Fed's continuous repurchase programs provide liquidity, weakening employment strengthens expectations of rate cuts, and policy measures are driving the inclusion of 401(k) into Bitcoin; DTCC is bringing traditional assets on-chain. If this becomes true, ETH, SOL, and others will move towards the global settlement layer, and tokenization will become a long-term narrative. Currently, the market is clearly divided: Bitcoin is gradually regaining ground, while liquidity in altcoins continues to weaken. It is recommended to focus on two types of assets: platform tokens or main public chain tokens with stable cash flows, or assets with strong consensus that can traverse bullish and bearish markets. How to operate during a U-shaped market? Follow me to understand the market and stay ahead of it.