Looking at the 12 consecutive days of gains in the A-shares market, it really reminds me of the market rally in 2020, when continuous upward movement made people doubt everything. Gold not only didn't fall but became even more interesting; usually in such situations, funds should flow out of safe-haven assets, but now it feels like "I want it all."

The liquidity in the crypto world is indeed disappointing, but I think this might be a good thing. Just like when restaurant business is slow, it's the best time to adjust the menu and reposition. In the current environment, truly valuable projects are more likely to be discovered rather than being drowned out by a bunch of trash.

If the market really goes crazy in the first half of 2026, $BTC in the crypto circle might be the last to rise, but it could also be the one with the most explosive growth. After all, every time traditional assets reach a peak, funds always look for new stimulation points.