ETF 連續五日正流入，牛市序幕已揭開

Welcome back to Monsterblockhk's weekly newsletter. As we've mentioned in previous issues, when the market bounces back and greed piles up but fails to break through key resistance, a short-term pullback is inevitable. If you took profits before the highs and are now holding cash, you are in a great position to re-enter and adjust your positions at a lower cost.

This week, the market witnessed a wave of structural capital return: ETFs maintained positive inflows for five consecutive days, the main chain attracted steady inflows, TVL rose again, and the chain activity and sentiment indicators warmed up at the same time. In this "bull market preview", it is more important to recognize the rhythm of rotation and identify pullback opportunities than blindly chasing highs. In this issue, we will bring you a comprehensive analysis of ETFs' dynamics, leverage status, on-chain capital flows and sentiment temperature, to help you catch the next major uptrend wave.

ETF Inflows Maintain Positive, Capital Dynamics Continue to be Solid

According to SoSoValue, as of July 18th, the Bitcoin spot ETF recorded a one-day net inflow of US$363 million, maintaining positive inflows for five consecutive days, continuing the previous week's large-scale capital swing. 650 million and 520 million net inflows were recorded on July 16th and 17th, respectively, indicating that capital continues to be deployed in the market. Although inflows did not exceed the July 10 peak of US$1.1bn, total assets remained at a high of US$152.4bn for the week and the Bitcoin price stood steady at US$117,374, reflecting the healthy capital structure of the market.

Although the strength of ETF inflows has slowed down a bit, the overall trend is still supportive, indicating that the market has positive expectations for the medium-to-long term. The lack of significant capital withdrawal reflects that this rally is more like a "bullish preview" in advance, but we need to pay attention to the possibility of a phase of momentum digestion and price pullback. Investors should refrain from taking positions in the midst of high sentiment, and instead view short-term pullbacks as a better time to add to their positions. Stabilizing and waiting for a pullback is a more effective allocation strategy in the early stage of market recovery.

Over-leveraging may be a concern as liquidation data warms up

According to the latest data, a total of 69,411 traders were liquidated in the past 24 hours, with a total liquidation amount of $167 million, of which short orders slightly outnumbered long orders, with $89.57 million and $77.8 million respectively. The largest single liquidation occurred on Binance's ETHUSDT contract, with an amount of $3.14 million, showing that ETH has become the main asset for leveraged trading ($57.4 million liquidated in a single day), followed by BTC ($12.68 million), DOGE ($14.42 million) and XRP ($9.53 million). Overall, the main liquidation force in the 24-hour period was still focused on mainstream coins and popular meme coins, showing signs of leveraging.

The liquidation reflects a healthy deleveraging of the market amidst rising bullish expectations, laying a more stable foundation for the subsequent uptrend. Although the overall sentiment has picked up significantly and signals the start of the bull market "testing ground", high level oscillations and localized pullbacks will become the norm, so do not blindly add to your positions under the FOMO sentiment. Especially in the absence of new stories and capital to drive the market, excessive use of leverage is likely to take a heavy toll in short-term volatility. At this stage, we should take a reasonable position, strictly control risk as the principle, and seek layout opportunities in the pullback, rather than chasing local highs. By mastering the rhythm and risk control, we can steadily traverse the early stage of the bull market.

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Greed continues to pile up, markets are hot, but not extreme.

According to CMC, this week's Crypto Fear and Greed Index of 68 was unchanged from last week's figure of 68 and significantly warmer than last month's figure of 48 (neutral), reflecting that sentiment has settled firmly into the greed zone. Since the beginning of July, the index has clearly moved higher in tandem with the price of Bitcoin and has continued to approach the extreme greed zone (index ceiling of 100, yearly high of 88). In addition, Bitcoin volume has also shown signs of recent expansion, resonating positively with rising sentiment, highlighting the gradual return of capital to the crypto market.

The current sentiment structure suggests a significant recovery in risk appetite, with both capital and narrative providing a breeding ground for this round of "bull market previews". However, it is worth noting that when sentiment remains high for a long period of time but lacks further momentum, the risk of short-term shocks and pullbacks will increase in tandem. In such an environment, it is important to avoid price chasing and over-leveraging. Even though the market has begun to take on a bullish profile, a healthier strategy would be to focus on covering and optimizing positions during pullbacks rather than blindly chasing highs. By mastering the rhythms of sentiment and the cycles of market volatility, we can stabilize our position on the road to recovery.

Main Chain Funding Continues, Marginal Chain Outflows Worsen

On-chain capital flows continue to strengthen the core chain. According to Artemis data, Ethereum has recorded a net inflow of about US$390 million over the past seven days (7D), making it the leading pool of capital, while Polygon PoS has recorded positive inflows and is in second place. In contrast, Arbitrum recorded a net outflow of US$240 million, while Unichain and Base recorded outflows of around US$80 million and US$60 million respectively. Although Arbitrum and Base are both in the top 5 of the inflow, indicating a high level of inflows and outflows, overall the main chains are more stable in their ability to absorb money, while the marginal chains are under pressure to take profits and adjust to risk.

Observing the rhythm of capital transfer, the market is in a healthy rotation of pullback and reallocation, Ethereum, as the core bridge layer and application town, has been recognized by the market once again, reflecting that capital is focusing on the main chains with solid fundamentals and mature applications. At the same time, some over-hyped beta chains (e.g., Arbitrum, Base) have suffered short-term profit-taking, and capital has started to flow back to the core chains. This wave of liquidity change is more like a "preview" rather than the starting point of the main uptrend. Investors are reminded not to enter FOMO at short-term highs, but to wait for a technical pullback to increase their positions, and to control their leverage to ensure a healthy risk allocation, so as to prepare for the real bullish main uptrend wave.

Solana Re-emerges as Base Takes Over Mobile Hub Role

Cross-chain funding dynamics over the past week show that a new round of capital rotation is taking shape. According to deBridge data, Solana continues to play the role of active outflows, with the largest flows going to Ethereum, Base and Arbitrum, and especially to Ethereum, which is the largest cross-chain transfer, as shown by the thick line.

In addition, Base has clearly become one of the core receivers, not only receiving funds from Solana, Arbitrum, Ethereum and other main chains, but also receiving small and medium-sized transfers from BNB Chain, Fantom and other chains, which is a clear sign of capital pooling. In contrast, although Ethereum is still a stable receiving chain, its outflow and inflow are active in both directions, indicating that it is playing the role of a bridge builder and distributor in the restructuring of liquidity, rather than a single direction of risk avoidance.

This structural change reflects that the market is in a transition period of healthy pullback and capital reallocation, warming up for the main uptrend of the bull market. Capital is moving from overheated sectors back to the main chain or into more liquid chains such as Base and Ethereum, suggesting that in the short term, capital is more likely to focus on sectors with strong fundamentals in order to protect against risk, while reserving flexibility for the next driving point.

Solana's outflows may also be the result of some short-term capital lock-ups or arbitrage deployments, rather than a structural turnaround. The current liquidity pattern provides a sample of a "capital first" preview: capital dynamics precede price changes, and the rotation rhythm is clear. Investors are reminded not to blindly chase highs at short-term strength points during such a "preview" phase, but rather wait for a reasonable pullback zone to add positions in preparation for the real main uptrend wave.

Upward mobility is clearly heating up, TVL stabilizes its upward trajectory again.

DeFi's Total Locked Position (TVL) has risen steadily over the past week, indicating that capital confidence is returning to the chain. According to DefiLlama, as of July 20, TVL has reached $139.1B, a steady increase over the week, with an overall gain of nearly 10% and a 24-hour daily gain of +1.79%. The total market capitalization of the stablecoin remained at $261.5B, which constitutes the basic support for systemic liquidity; the trading volume of DEX reached $13.46B, and the perpetual contract (Perps) recorded $9.98B, which shows that the activity on the chain is not only warming up, but also accompanied by a certain degree of depth of trading and participation, and is not just a superficial increase in positions.

The current round of TVL rally is in tandem with the recent market rally, echoing the main theme of this week's "Bull Market Preview" - not overheated bubbles, but structural support and solid layouts. The return of capital in the chain is not just a reflexive action of FOMO, but also a realization of the asset side's strategy to take advantage of the situation to reallocate at relatively low levels. Instead of chasing the rally at the highs, it is better to wait patiently for a healthy entry point after the pullback. In this trial rebound, TVL's strength is the market's advance layout for the subsequent main uptrend, and changes in the rhythm and structure of capital inflows reveal a clear signal: the real bull market is not yet in full swing, but its prelude has been quietly played.

Trial period before the uptrend

This week, the currency market's capitalization momentum has once again heated up significantly, and the green bubbles have expanded significantly, indicating that a bullish atmosphere continues to brew. According to Crypto Bubbles data, as of July 20, high volatility currencies such as XTZ (+85.1%), CRV (+55.5%), FLOKI (+42.4%), ENA (+40.6%), and BONK (+36.7%) were leading the way, reflecting the market's short-term rising risk appetite. Mainstream assets such as ETH (+23.1%), XRP (+21.2%), LINK (+21.6%), and ADA (+12.7%) have also risen steadily, showing that capital is not unilaterally chasing smaller currencies, but rather a balanced layout. In addition, TVL and chain activity have rebounded in tandem, indicating that the market is in the early stage of capital reallocation in the uptrend.

This wave of upward movement is more like a pre-bull market test for retail investors, although the market is bright, but the lack of key stories and main themes, pushing up the momentum is limited. Under the generalized inflation, there is a fear of a technical correction in the short term, especially the assets that have risen too much will face the pressure of profit-taking. Therefore, the operation strategy should be centered on the principle of "take profit when green and increase position when red", avoid chasing high FOMO, and reserve capital for the real trend confirmation before entering the market. The current market provides ample room for sector observation and asset selection, making it a golden opportunity for investors to re-establish their positions, rather than a time to blindly go for the bullish.

Crypto Politics and Market Outlook Behind WLFI Unlocking

In a turning point of deep political and market significance, the World Liberty Financial community passed a proposal to unlock the WLFI token and allow it to be traded. The proposal passed in mid-July with overwhelming support of 99.94%, officially putting the asset, which is closely tied to the Trump family, into free circulation. According to the disclosure, Trump himself holds 15.75 billion WLFIs, or about 15.75% of the total supply, while his family has profited from WLFI sales totaling about $390 million, a significant portion of his net worth. This token unlocking event not only symbolizes the program's shift from closure to open participation, but also materially increases the Trump family's wealth leverage and strategic leeway in the crypto market.

From a macro perspective, the political signal behind this move is even more crucial. This move not only symbolizes Trump's high level of involvement in and embrace of crypto assets, but also reflects the likelihood that the White House will adopt a more pro-crypto stance if Trump returns to the helm of government in the future. Compared to Europe's conservative implementation of MiCA regulations and China's total crypto blockade, the US may become the most flexible crypto hotspot among the world's major economies in terms of policy and market freedom under Trump's leadership. In other words, the unlocking of WLFI is not only a project progress, but also a "preview" of the direction of US crypto policy in the next four years, which is a structural bearish signal of great strategic significance to the market in the medium to long term.

Pump.fun Buys Back Nearly 3 Billion Tokens, PUMP Soars Over 50% on Day One

Pump.fun is suspected to have used its fee income to buy back nearly 3 billion PUMP tokens in a week, triggering a fierce reaction from the market. According to Lookonchain's statistics, the platform invested more than $19.3 million (118,351 SOLs) in buybacks in just a few days, with an average price of about $0.0064, 60% higher than the public sale price. Delphi Digital estimates that if the platform continues to buy back with 25% of handling fee revenue, the annualized buying volume will reach $134.6 million, indicating that the platform has a certain amount of financial strength to support the price.

However, the author believes that there is a high degree of risk behind this short-term surge, as PUMP's currency price remains volatile after a strong rebound, with the market capitalization rapidly expanding to USD2.3 billion and the fully diluted valuation (FDV) rising to USD6.5 billion. Considering that the buybacks are coming from the platform's internal revenue, the current rally may be more internally driven than natural market demand, and investors should be wary of a possible price correction or liquidity risk. As competition for Solana's ecological cryptocurrency heats up, Pump.fun's move looks more like a battle for capital, and it remains to be seen whether it can sustain long-term growth.

Coinbase Market Capitalization Surpasses $100 Billion as Traditional Finance and Crypto Deepens

With the price of Bitcoin surpassing the US$123,000 mark, Coinbase (COIN) shares surged by nearly 2% on July 14th, hitting a record high of US$398.50 during the intraday trading session and its market capitalization exceeded US$100 billion for the first time, reaching US$100.36 billion. As the largest listed crypto exchange in the U.S., Coinbase's stock has long been highly correlated with the price of Bitcoin, and this rebound is a clear indication of the growing interest and integration of traditional financial capital in the crypto sector, and further proof that crypto-related companies have become a part of the mainstream financial market.

However, the rise also highlighted the potential for risk resonance between traditional finance and crypto. Bitcoin subsequently retreated more than 4% from its highs, falling below $120,000 to $118,034, with analysts warning of a near-term drag on Coinbase's stock performance, with concerns over support at $110,000. This suggests that while traditional finance is embracing the crypto industry at an accelerated pace, it is also taking on greater price volatility and systemic risk. As the two sectors become more integrated, the market will need to re-examine its asset allocation and hedging strategies to deal with potential cross-turmoil in the future.

Upgrade effect triggers capital influx Aave: traditional capital is gradually shifting to DeFi

Aave has successfully surpassed $50 billion in net deposits since launching a number of protocol upgrades, becoming the first decentralized lending platform to reach this milestone. According to The Block, the protocol's net deposits have been rising since October 2023, demonstrating the expansion of asset supply and demand for lending across more than 34 chains, including Ethereum, Base, Arbitrum and others. Founder Stani Kulechov noted that the accelerating adoption of Aave as a lending infrastructure by FinTech and traditional financial institutions (TradFi) is one of the key drivers of growth.

This trend reflects the gradual penetration of traditional capital into the DeFi protocol, and Aave's upgrades, such as GHO stablecoin extensions, account abstraction and support for RWA assets, have been key to attracting this capital. Especially with DeFi's overall TVL back up to $120 billion, Aave accounts for nearly half of that, dominating the ethereum lending market with a $29 billion TVL. However, the real challenge will come during the bear market: without sustainable agreement incentives and deeper integration of TradFi, capital could be quickly lost. This phenomenon reveals a deeper capital flow pattern - traditional financial institutions are quietly spinning off liquidity onto the chain, with DeFi becoming their new "outpost".

Steady as she goes: Ondo Finance moves to RWA leadership through M&A

This week, RWA leader Ondo Finance is strengthening its position as a leader in the real-world asset (RWA) space. In the company's latest M&A, it can be seen that Ondo has officially acquired blockchain development company Strangelove, signaling its move towards a full-fledged RWA platform. According to an official statement, the move will give Ondo the status of "the only platform with full-stack, cross-chain asset issuance capabilities". The move comes on the heels of Ondo's announcement with Pantera Capital that it would invest a total of US$250 million in RWA projects and its accelerated acquisition of Oasis Pro, an SEC-registered brokerage firm, demonstrating that Ondo is not only expanding its infrastructure capabilities, but is also actively working to open up access to compliant financial channels.

This sequence of actions underscores Ondo's commitment to becoming a core infrastructure provider in the on-chain capital markets. From the acquisition of Strangelove, with its cross-chain deployment capabilities, to the pre-emption of compliant trading licenses, Ondo's strategy goes beyond asset up-linking to include the integration of scalable financial products and liquidity on a global scale. With Ripple and Boston Consulting Group predicting that the RWA market will exceed $18 trillion by 2033, Ondo's series of moves are indicative of its ambition to match the market trend and attract more traditional financial capital into its ecosystem.

Macro News

Warmer wars held the market down for a while, but sentiment dominance will eventually reverse

For the third day in a row, Israel launched air strikes on Syrian military installations and attacked the defense ministry in Damascus, underscoring the rapidly escalating situation in the Middle East. According to the Syrian Observatory for Human Rights (SOHR), more than 350 people have been killed since the conflict, including 79 Druze soldiers and 55 civilians. Israel's defense minister has also stated that it will continue to crack down on Syrian government-backed forces until they are completely withdrawn from the Suwayda region. This series of events triggered investors' concern about geopolitical risks, which suppressed the rebound of risk asset prices in the short term, especially against the backdrop of regional conflicts and global demand for safe-haven capital.

However, market reaction shows that the sentiment-driven forces are gradually overriding the disruption of the event itself. Although the currency has been trading sideways for a while due to the prolonged war, it seems that the market is gradually digesting the negative news as the "Fear of Missing Out" (FOMO) sentiment is spreading, shifting to an upward structure driven by both sentiment and liquidity. Geographic risk is no longer a dominant factor, especially with positive signs such as Robinhood adding several new tokenized U.S. stock trades, the return of institutional funds, and the stablecoin market value increasing by more than 58% annually. As the market enters a frenzied phase, it often takes a few more violent shocks to offset its buying momentum, suggesting that confidence and expectation management are still key, rather than the strength of a single catalytic event. This is further evidence that the crypto market is ultimately driven by capital sentiment and narrative rather than the objective destructive power of events.

Traditional Financials Getting Involved: Stable Currency as a Knockout Piece for Institutions Entering Web3

Major U.S. banks are rapidly moving into the stablecoin market, signaling an accelerated embrace of the Web3 world by traditional finance. On July 15, JPMorgan Chase and Citibank both announced an expansion of their commitment to stablecoin and tokenized deposits, with JPMorgan CEO Jamie Dimon emphasizing that "banks must be active" to remain competitive despite reservations about the utility of stablecoin and revealing that the bank is testing deployment of an institutional-grade token JPMD on the Base Chain. The bank also revealed that it is testing the deployment of JPMD, an institutional-grade token on the Base chain.

Citi CEO Jane Fraser also said that Citi is considering issuing a "Citi Stablecoin", emphasizing that tokenized deposits will be the focus of future payment infrastructure. Meanwhile, according to DeFiLlama, as of mid-July, the global stablecoin market capitalization has reached US$258 billion, with an annual growth rate of more than 58%, indicating strong capital inflows into the sector. This phenomenon reflects the fact that stablecoins have become the primary interface for traditional finance to enter the crypto space, providing a bridge between the capital markets and blockchain infrastructure.

Robinhood has also recently opened up trading in a number of tokenized US stocks, such as Nvidia, Tesla, etc. This is further evidence that traditional finance is gradually uplinking its assets and expanding its digital asset business footprint. As the core medium of transaction and clearing in the Web3 world, the expansion of stablecoin not only improves the liquidity of the chain, but also provides a controlled and regulated entry point for traditional finance.

With the RWA boom and potential regulatory framework, the stablecoin market is no longer just a crypto application, but will become the most crucial "fat meat" in the digital financial era, attracting more TradFi capital and institutions to deploy their power, and completely rewriting the global financial landscape.

Chained Data Analysis:

Bitcoin Market Slowly Overheating, Indicators Not Failing Yet

Bitcoin's recent price climb has seen the market's Fear and Greed Index rise back to around 70, indicating that short-term sentiment is optimistic, but has yet to reach the extreme frenzy stage (above 80). According to the Short-Term Holder Relative Unrealized Profit indicator, it just touched the overheated threshold of 15.4% (+1 standard deviation from the mean) before falling back to 13.6%, reflecting a convergence of unrealized profits during the price correction phase. This data, together with other indicators such as the percentage of active trades on the chain, suggests that the market is slowly heating up and has not yet entered a state of overcrowding or frenzied inflation.

This indicator has historically been effective in reflecting the initial signals of short-term demand exhaustion in many bull markets, and only loses sensitivity during extreme mania, causing the market to go out of control for a short period of time. The indicator has not yet peaked, meaning there is still room for profit taking, but with the Fear and Greed Index approaching 80 it is more likely to trigger a capital flight, and I would recommend that investors consider partial profit taking in this area to protect against the risk of a short-term pullback. Overall, the Unrealized Profit Indicator for short-term holders provides an important dynamic monitoring tool to help determine whether the market is entering irrational exuberance, which is instructive for strategy adjustment.

The capital wheel has started and capital may be shifting to mainstream currencies with low valuations.

With Bitcoin exceeding US$120,000, the market is entering a capital reallocation phase. According to the data, the total potential profit of Bitcoin has reached an all-time high of $1.47 trillion, and the proportion of short-term holders in a profitable position is as high as 95%, far exceeding the long-term average of 88% and more than one standard deviation. This figure not only reflects Bitcoin's rapid rise in recent months, but also highlights that the market is gradually entering a zone of high risk and overheated sentiment. In this environment, history has shown that high asset holders (such as giant whales and institutions) tend to adjust their allocations earlier, shifting some of their profits away from bullish assets and towards potential targets that have yet to gain traction.

With Bitcoin at a high level and the risk-reward ratio narrowing, it makes sense for capital to shift to relatively undervalued assets. For example, Ether (ETH) and large mainstream torrents such as XRP and Cardano are potential beneficiaries of the capital rotation because of their relatively backward-looking valuations and attractive technological and narrative underpinnings. If BTC continues to make highs in the near term and mainstream currencies make up the ground, it will be further evidence that the market has entered a stage of "single point breakout to capital diversification". In the current cycle, investors should focus on these assets with high liquidity and valuation in recovery logic to capture the next wave of growth momentum in the structural rotation.

Short-term pressure is a reasonable adjustment as the pressure from miners begins to appear.

The Miner Position Index (MPI) has recently risen sharply above 2.7, indicating that the number of miners transferring Bitcoin out of exchanges is significantly higher than the one-year average, and higher MPIs usually indicate that miners may be inclined to liquidate, bringing short-term selling pressure to the market. From a supply-side perspective, it is reasonable to expect that miners are now taking profits as their earnings have been squeezed by the sharp decline in block incentives and the continued rise in power and difficulty since the halfway point. Despite the selling pressure, the MPI is still well below the extremes seen at the end of previous bull markets, suggesting that the market is not yet in a bubble.

This short period of selling pressure from miners is consistent with the "phased correction followed by a rally" structure that has characterized Bitcoin's bull markets in the past. If the miners do not make further large-scale shipments, this behavior could be seen as part of a healthy market rotation, and does not necessarily imply a reversal of the trend. Long-term investors should not read too much into the short-term fluctuations and should focus on the general direction of the macro-funding environment and the strengthening of Bitcoin fundamentals. Against the macro backdrop of easing inflationary pressures and rising risk of U.S. bond defaults, Bitcoin's medium- to long-term allocation value is still significant, and strategically it can be viewed as a long-term position-building opportunity in the midst of short-term adjustments.

Market has potential for continued upward mobility and remains relatively structurally sound

Although Bitcoin has recently broken out to new all-time highs and the market's Greed Index has risen to 70, reflecting short-term greed, the percentage of short-term active trades between 1 and 1 week is still relatively modest compared to the highs of March and December 2024 when looking at the UTXO Age Bands in the linked data. The last two significant rises in the short-term share of trades have been accompanied by significant price pullbacks, reflecting the need to correct the structure of the market after extreme overheating through pressure selling. Although the current data has picked up slightly, there is no extreme congestion as shown by the red circles on the previous two occasions, and technically there are no obvious signs of a bubble.

Analytically speaking, this means that the market has not entered a stage of total disorder or over-leveraged mania, but instead shows that most capital is still in a wait-and-see or long-term allocation posture, with a healthy structure. If there is no major black swan event, the potential pullback may be a technical correction rather than a trend reversal. Combining the current liquidity and position behavior, the market still has the potential to break out to new highs. However, short-term operations should refrain from over-emotionalization, maintain a stable batch strategy, and be prudent in dealing with the potential risk of retracement.

Short-term overheating signal is obvious, the pressure of adjustment should not be ignored.

In terms of realized profit/loss ratio, short-term investors have been taking profits recently, with the indicator climbing to 39.8 at one point, well above the +2 standard deviation overheated range, suggesting active short-term capital flows and clear signs of cashing out. Although the indicator has since fallen, it is still above its historical average, signaling optimism but also a certain degree of vulnerability. Historical experience suggests that similarly extreme profit-taking behavior often signals a slowdown in short-term buying demand and the risk of a consolidation or pullback.

However, the magnitude and duration of a pullback is difficult to predict accurately, especially in a volatile macro environment. Interest rate movements, geopolitical risks or unforeseen events may impact market sentiment and exacerbate volatility. Investors should remain flexible and adjust their positions and risk exposures in a timely manner, avoiding excessive chasing of high positions or premature liquidation. In the short term, the market remains uncertain, and adjustments or continuations are possible. In the future, we need to closely monitor changes in relevant indicators to make dynamic judgments.

Conclusion

The prelude to the bull market has been unveiled, capital inflows and market sentiment continues to heat up, but the short-term pullback is inevitable, but it has become the most critical opportunity to add positions. In the face of the current bullish atmosphere and deleveraging, investors should strictly control risk, patiently wait for the rhythm of the retracement, and avoid blindly chasing high. Only by seizing this healthy retracement and optimizing position allocation can we stabilize the starting point of the main uptrend of the bull market and welcome the next round of bigger wave. Rationality and discipline are the keys to victory through the bull market trials.

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