Seeing Mr. Jason mention the topic of altcoins, I also want to say two words. First of all, I very much agree with the truth that there is no narrative and there is no rush into this truth, especially from the listing of $CRCL, we can see that there is still a lot of money, but it cannot be ignored that when CRCL is rising, it is actually drawing blood from other US stock cryptocurrency targets, and at that time, both $MSTR and $Coin were falling, the reason is that the liquidity is not sufficient, and investors are not willing to disperse their eggs in different baskets. Why do I say this, because it is not only the altcoins of cryptocurrencies that face the lack of liquidity, but also the altcoin trend of US stocks, such as the small-cap stocks represented by the Russell 2000 are also a mess, not even small-cap stocks, even Nike, McDonald's, Lockheed This kind of company trend is not very good, or it is difficult to exceed the S&P 500 except for AI. In essence, it is because of insufficient liquidity, and the reason for the lack of liquidity is not that there is no money in the market, but because it is currently in a state of monetary tightening, and many people dare not invest money easily, so there will be a rush to "good targets", which is the problem that Mr. Jason said, the better the target, the more people buy, and the general target is rarely interested. The essence is not that these targets are bad, but because of the more attractive scheme of "no plate rotation", which is related to the risk appetite of investors, the lower the risk appetite, the less there will be a copycat season, the higher the risk appetite, the better the copycat season and small-cap stocks will rise.