Currently, cryptocurrencies are experiencing continuous downward trends. I know you are all focused on one question: when is the right time to bottom out? Mentor Wang believes that now is not the right time to bottom out. When can we bottom out? We must wait for a major macroeconomic crisis and the appearance of a golden pit. We have to wait until many people have died and a massive bloodbath occurs before bottoming out. At present, both the US stock market and related risk assets have retraced, but they haven't fallen enough to create a huge golden pit. Anyway, what can I say? The market currently needs a trigger to ignite a crisis—like the Lehman Brothers collapse in the US or the liquidity crisis caused by Silicon Valley Bank's default. Although US stocks are still highly valued, they are essentially trading valuation for space, continuously wasting time. The real signal will only come when risk assets denominated in USD experience involuntary sell-offs—that will be the true bottoming point. Similar to the golden pit, any rebound before that is just a trap to lure you into going long, enticing the enemy deeper. Conversely, every rebound is a good opportunity to short at high levels. For now, everyone should focus their attention on March, mainly watching whether Japan raises interest rates. Don’t forget, Japan is a major liquidity pump. As of January 2026, Japan still maintains a 0.75% interest rate, but the yen is under pressure, and inflation expectations remain above 2%. If the Bank of Japan withstands Prime Minister Sano’s political pressure and raises rates to 1.0% or signals a more aggressive balance sheet reduction, there will definitely be a large-scale pullback in global yen arbitrage trades. Be aware‼️ Japan might be the first domino to topple global liquidity or the US stock market, or even trigger a major global shock.