#美联储货币政策 Seeing Bitcoin fall below 90,000 and AI earnings reports stumble again, I have a few heartfelt words to share.

The core issue behind Oracle's underperformance this time warrants caution—the debt-driven AI infrastructure boom has met reality. The delayed revenue promises—what signals does this send? It suggests that those projects shouting about the AI revolution might be overextending their future cash flows. Although the Federal Reserve has cut interest rates, the hawkish guidance it has issued reflects its true stance, directly puncturing the market's FOMO sentiment.

I've experienced several cycles like this. When risk assets (including Bitcoin) decline alongside tech stocks, it indicates that large funds are reassessing risk premiums. Support levels at $88,500 and $85,000 are tested repeatedly, which means structural selling pressure has overwhelmed institutional buying—this is crucial, as it shows confidence isn't that firm.

The most heartbreaking part is that ETFs are still experiencing net inflows of $224 million, yet prices can't hold up. This indicates that incremental capital can't fundamentally change market sentiment. Those who truly have seen it all know that at this point, instead of chasing the highs, they should first assess their own position risks. Those still calling for a bottom are often the next to get caught.

Let's wait and see—at least let the market digest this wave of uncertainty first.