Let's commemorate the trading records from a year ago 📝
I don't know how many people remember, on August 5th last year, there was a big crash.
In hindsight, it was a super golden pit in this cycle.
At that time, the Sam's Law and recession expectations were being hyped, but now this viewpoint has been refuted.
This further confirms that all types of indicators based on the "carving a boat" method can become invalid at any time.
Most retail investors are forgetful and should always remember to take something away from their pain.

I miss you.
"How much do you want?"
"I am willing to release this statement on May 20th."

Weekend Tidbits (Murmurs)🐣
Just think about it casually, without being too rigorous, don't take it too seriously:
Currently, Strategy holds nearly 600,000 BTC.
If one day Saylor suddenly turns dark and dumps all these chips on the weekend with the worst liquidity,
How low can the price of BTC drop💥
There are many ways to leave a mark in history, and what’s wrong with blowing BTC to create a meteorite crater?
People are still on vacation outside, but the weekly report will be released as usual tomorrow~

Special cycle & sluggish market🪔
Yesterday, glassnode officially released their weekly report, and I saw a rather interesting data point: FRM.
The full name of FRM is Fee Ratio Multiple, and the calculation formula is as follows:
📝 FRM = Total miner revenue (block rewards + transaction fees) / transaction fees
The logic is simple:
If the market is active and on-chain activities increase, transaction costs will rise significantly, leading to a decrease in FRM.
The above image is taken from the content of Glassnode Week On-Chain 2025 Week 24.
You can see:
1️⃣ Green Area: Bull market uptrend pe

The Ethereum Spot ETF has bought 364,000 ETH in 16 days, but ...❓
From 5/16 to 6/09, a total of 16 working days,
About 364,000 ETH have flowed into the Ethereum spot ETFs in the United States and Hong Kong.
Among them, the BlackRock ETF saw an inflow of approximately 274,000 ETH during the same period.
Many people use this as a reason for being bullish, saying it is "institutional entry."
Some even say that institutions are swapping BTC for ETH, but the truth is ...👇
//
📝 First, the conclusion: this cannot be used as a direct reason to go long.
It is undeniable that there has been a signific

The new high is approaching, still waiting for six signals 📠
Since the rise of 75 K, there have been three instances of consolidation:
1️⃣ First time: 4/12 ~ 4/20
2️⃣ Second time: 4/23 ~ 5/07
3️⃣ Third time: 5/09 ~ ❓
The market has been consolidating for nearly two weeks, and as it approaches new highs, the price game will intensify.
There isn't much that can be updated overall; my view remains the same as before:
Beware of the six signals mentioned in the quote below ⚠️
As of now, AVIV Heatmap has begun to enter the "overheated zone,"
Now it's less than 3% away from a new high, and an ATH ma

Human nature debug: Let's talk about the irrational "carry the order" mentality 🔒
I previously discussed a similar concept in the quote below, and today I would like to talk about it again.
I am often asked, "Do you have any recommended reading lists or materials?"
Basically, my answer will inevitably include behavioral finance📒.
Behavioral finance approaches from the perspective of psychology, pointing out the irrational behavior of people when facing the market.
For me, I would occasionally take it out to review and reflect on myself.
//
Last time it was mentioned: "The pain of losing 1 yu

Add a data point 📊
According to Coinglass statistics:
The current BTC total network contract open interest has reached a new high, exceeding 70 billion dollars.
In the contract position, both long and short sides are equal in quantity;
Generally, a higher position size indicates a greater potential for volatility.

Trading Concepts Compendium (8): Understanding "Trend Structure & Left-Side, Right-Side Trading" in One Article 💳
What is trend trading? What is the difference between left-side and right-side trading?
I believe this is a term that many beginners often see but do not know what it is.
It also allows everyone to better understand their strategic inclinations and needs📲
The following is the main text👇:
//
First of all, the left side and the right side of trading itself is a concept of "spectrum."
He does not have absolute boundaries, but rather distinctions in degrees (leaning left or leaning

Terrifying BlackRock👾
A new week has arrived, and today I would like to share some ETF data with everyone.
Do you know?
As of last Friday (5/9), during the past month, there have been a total of 19 working days.
BlackRock's $BTC spot ETF has shown net inflows for 19 consecutive days,
A total of 54,701 BTC were added 📈
Currently, BlackRock's Bitcoin ETF holds approximately 625,054 BTC.
The powerful purchasing power of the buyers behind it can be said to make all other ETF issuers pale in comparison👀
//
BlackRock's BTC spot ETF has always had a so-called "arbitrage" component since its launch

A Dream of Yellow Millet: A Monologue and Prejudice of a 103K Escaper 🥃
In the blink of an eye, $BTC has quickly returned to the position where I initially escaped at the top.
If you, like me, missed the upward trend since 75 K,
Perhaps this article can provide you with some guidance.
📝Let me state the conclusion first: I still do not plan to buy spot, and I still believe that 75 K is not the cycle bottom.
Below, I will provide reasons for the continued bearish outlook for your reference.
//
🟡 Did you fail to escape the peak?
During the period from December of last year to January 2025,
Det