Let me share my perspective on the short term: From April 20 to the end of April, I believe the best strategy is to do nothing. If you simply cannot resist trading, then only small, speculative positions are appropriate—avoid heavy positioning. 1. Geopolitically, the bullish sentiment from the potential U.S.-Iran ceasefire has largely been priced in after more than two weeks of market digestion. The battlefield has shifted to the news cycle, with the Strait opening and closing like a game—naturally, stock prices will fluctuate just as unpredictably. 2. The TGA account has indeed been withdrawing liquidity from the market since April 15. Although recent positive sentiment temporarily offset this effect, making it less noticeable, a negative catalyst could make its impact immediately apparent. (Figure 1) 3. The Markup agenda for the Structural Bill has been frequently mentioned but remains unpublished. (Figure 2) If no progress emerges during this window, it could serve as a strong catalyst for a downturn in the crypto market. 4. From a technical standpoint, $BTC has already entered a correction phase against its prior rally from 64,939 to 78,390. This correction is currently ongoing, with no clear bottoming signal yet visible. However, large volatility during the early stages of a correction is normal and difficult to navigate. (Figure 3) Why wait ten days? ① To wait for liquidity to return ② For clarity on the Structural Bill’s progress ③ For certainty regarding U.S.-Iran developments All of these factors are likely to be clarified by month-end, offering a much clearer picture.