#MSCI未排除数字资产财库企业纳入范围 The market has been fluctuating constantly lately, testing the waters repeatedly. Many people can't sit still and are thinking about buying the dip. However, I have some thoughts I want to share with everyone.

"Good opportunities are always created by patience," this is what big names like Charlie Munger, Warren Buffett, and Duan Yongping have been saying. But in the crypto world, very few can truly practice this.

Playing the cyclical market tests whether you can overcome your gambling instincts. Don't wait until the opportunity really arrives and then realize you no longer have the chips.

Looking at $BTC alone, it does seem to be in a stage-wide bottom range. But once I factor in the broader US stock market environment, I can't convince myself to buy the dip at this price level. As long as the US stock market undergoes a cyclical adjustment, the crypto market can't really withstand it. The performance of US stocks over the years has been like this—shaking up once a year, with the frequency increasing over time.

What's even more interesting is that the total market value of US stocks has already surpassed the US real estate market. This has happened twice in history, and in both cases, the following years ended up in a bear market.

So I have been holding a cash position for several months now, waiting for a truly worthwhile opportunity to go all-in. Trust me, when that moment really arrives, I won't hesitate for a second—I'll go all-in immediately.