In the last decade or so, BTC has closed with declines for three years and has been very regular, namely 2014, 2018, 2022, with exactly four years in between, and if this trend continues, perhaps in 2026 we will enter a bad bear market again, and from this point of view, we should be bullish on the performance in 2024 and 2025. In particular, this round of Fed tightening, spot ETFs, and a massive influx of institutions. In the past November, BTC miners sold a lot of BTC, but the sell-off did not cause the market to fall, and even BTC continued to break new highs.