In a high-interest-rate environment, whether it’s crypto or stocks, it’s all about the tug-of-war over capital. So, when stocks go up, crypto goes down; when crypto goes up, stocks go down. Even within crypto, it’s the same story: when $BTC rises, altcoins drop; when $BTC moves sideways, altcoins rise. This all shows that capital rotation plays a leading role. On the other hand, in 2020 and 2021, with massive liquidity injections, all risk assets skyrocketed—altcoins and $BTC soared together, and stocks and crypto danced in sync. So, for the former scenario, you need to be cautious. Once capital rotation happens, there’s no room for hesitation. Since July, after the shift to bearish sentiment, every rebound has been a shorting opportunity. In the crypto space, as long as the trend is intact, you should stay bullish. Never blindly trust fundamentals, blindly believe in CWW, or buy into Bitcoin narratives—they’re all one-sided. You need to see the essence: it’s all about the capital tug-of-war in a high-interest-rate environment.