Looking back at Changan, there are piles of embroidery, and thousands of gates are opened on the top of the mountain (December 4). BTC4w will talk about the next stage of the point. 1. The trend of ETF is a foregone conclusion, but the news has been basically priced in. Since reaching 35K for the first time on October 24th, the momentum of BTC has weakened. After a few weeks of speculation about whether the ETF would pass before Thanksgiving, it continued to fluctuate. It was not until CME OI continued to surge around Thanksgiving that the market continued to rise (CME is still at a premium ). This wave of rise is more interesting, because it is the opening of non-CME trading time, and CME jumps short and opens high. According to the logic that the gap must be filled in 21 years, this is actually a point of pressure. CME, not Binance, became the market engine. My personal understanding is to observe CME’s real-time data and weekly position reports. Although they are delayed, they are also excellent reference indicators. The market here is very similar to that from December to January 2020. There is a high probability that something will happen before it passes. The main thing is to see if there are any new expectations. If not, it is optimistic that there will be a wave of correction in December, but from the operation Strategically speaking, what we should focus on now is the height after BTC passes, which is the daily level operation mentioned before (this depends on the individuals tracking time and risk preference. If the risk preference is low, I think it needs to be considered before and after Christmas. risk, or even earlier). 2. Most of the copycats have not broken through the height of the previous wave of 38K, but a number of non-consensus targets have emerged, such as Ordi, Luna series, etc. In the ETH defi and AI summarized before, AI also relies on the non-consensus target Tao to drive the overall situation, while the exchanges internal targets Wld and Rndr are not that strong. If youre wrong, admit it. The Alpha here may be a non-consensus target under the big narrative, or even nuggets among the 1-10M targets on the chain. In terms of specific targets, I read a lot about CT, and most of them are good. Just do a good job in research. However, I was constrained because I read too many projects and knew too much dark history. Finally, I really can’t play with Bitcoin Ecology/Inscription 3. Regarding the market situation of ETH and ETH derivatives, my expectation here is that after the ETF is passed, it may be more direct before and after the Cancun upgrade. Of course, it cannot be ruled out that if Btc appears at the end of December There will be a relay after a wave of corrections, depending on whether there is a correction and the depth of the correction. In terms of specific targets, after the Ldo staking rate was too high, LDO gradually became an outlier in the ETH ecosystem, and it was much weaker from the perspective of legitimacy. Here we look at the orthodox RPL+OP vs the unorthodox LDO + ARB, which one performs better after the launch of ETH. I personally buy in the unorthodox. 3. Here we gradually start to pay attention to the effects of new coins (note that they are not newer than Binance). New targets from Flip to many Gate/Mexc (platform coins perform well) are all good. Generally, by this time, there will be new coins on the chain. Several top IDO projects.