[Placeholder Partner Chris Burniske Plans to Re-enter When BTC Drops to $75,000 or Lower] Placeholder VC partner Chris Burniske stated that although this crypto cycle has been disappointing, core assets like Bitcoin and Ethereum remain in a historically high range, and investors should be cautious of short-term correction risks. He pointed out that the October 11 crash caused lasting impacts on the market, with BTC and ETH monthly charts showing signs of a peak. Signals such as the decline in MicroStrategy's stock price, as well as movements in the gold and credit markets, suggest potential asset adjustments. Burniske plans to re-enter the market when BTC drops to $75,000 or lower, adopting a gradual strategy. He disclosed that his personal portfolio consists of 39% free cash and 61% long-term capital, warning that private market valuations are nearing the cycle's peak and advising investors to avoid blindly chasing overvalued assets. He believes that the return of liquidity may be delayed and less robust than in 2021, urging investors to remain patient and resilient in the AI and crypto sectors.