Working, so a brief note Crypto situation - Powell hints at ending QT - Strong rate cuts reflected in the bond curve - Elon Musk mentions Bitcoin and Dogecoin - Resolving rare earth/ tariff issues - Record long liquidations - Ancient whales taking profits on shorts - Wonyoti cutting losses on longs Everything points to an upward trend. Accordingly, Russell has already surpassed its previous high. Gold is also rising. The current macro situation clearly indicates that it is pushing the long-term trends of risk assets upward. Everyone knows that we are near the bottom. The only problem is that currently, cryptocurrencies are lagging significantly compared to stocks and gold, possibly due to the aftermath of liquidations. There is relative weakness and they are falling behind. Still leaning towards gold due to tariffs... because of the preference for safe assets... but that doesn't explain why Russell has surpassed its previous high. Thus, the reason for the weakness in crypto is clear. It is due to endogenous factors within crypto (technical, positioning & sentiment, leverage, etc., market microstructure, etc.). In the first place, this liquidation show within the crypto market itself is evidence that crypto is not a perfect macro asset. I used to think Bitcoin and Ethereum were macro assets, but that belief has been shattered. Well, in March, Trump tweeted about Ripple and Bitcoin shot up 10%, so it seems foolish to have had such a belief in the first place. Of course, in the "long term," it will follow the macro, and since Russell has broken through its previous high, it will eventually align, but. Crypto can create significant volatility and duration values solely based on internal factors or short-term technical factors, so I wouldn't be surprised if it falls against the macro. If it continues to struggle to rise and either falls or moves sideways, it could be waiting for the resolution of the shutdown or complete normalization of tariff issues by November. Longs could also be piling up to be shaken out. <Conclusion> In any case, the long-term upward trend is very clear. If you think positively, even if there is short-term weakness that doesn't make sense, crypto can certainly be that way, so there's no need to be surprised, If you think negatively, there is also the possibility of additional weakness against the macro, so be cautious. In a market where longs are dominant, it may be frustrating for altcoins to be hit while crypto is suffering, but since Bitcoin and Solana have risen significantly from the bottom, it seems justifiable.