You can see a pattern from the previous three small rebounds. In October last year, November this year, and September, the strength of each rebound has been diminishing. The fundamental reason is quite simple—those periods coincided exactly with the Federal Reserve's balance sheet reduction cycle, which lasted from June 2022 until the end of this year. Liquidity was continuously being withdrawn, so it's no surprise that the market lacked vitality.

The background of this wave of market movement is completely different. The Federal Reserve's balance sheet has finally started to turn around, returning to the level of August last year, and in the coming months, it will continue to release hundreds of billions of liquidity. This is the true expansion cycle.

Why is this change so important for altcoins? It’s actually quite clear when looking at the market performance over the years. Altcoins are essentially amplifiers of market liquidity. In a loose liquidity environment, altcoins' gains can be several times those of mainstream coins; conversely, during tightening cycles, altcoins are cut down repeatedly. This is not a coincidence but a fairly stable market rule.

At this point in time, it’s roughly when this bull market truly kicks off. From a macro perspective, the direction is already very clear.