Looking back, I have witnessed many ups and downs in the cryptocurrency market. This recent market change has once again provided us with a profound lesson. The four-year cycle theory was once the Bible for veteran analysts like us, but reality always surprises us. The true dominant force is the Federal Reserve's policies, which have crushed the long-anticipated halving rally.

Watching those once-glorious projects now falling to zero, I can't help but feel emotional. This market never shows mercy to the weak; only projects with real value can survive the brutal filtering process. The wave of ETFs seems like a lifesaver but has actually become another sharp sword, cutting through the line between genuine gold and gilded imitation.

Now, we must reassess our trading strategies. No longer relying solely on the calendar, we need to closely monitor the Federal Reserve's every move. The balance sheet, M2 growth rate, Bitcoin dominance, and US Treasury yields—these four charts will become our new compass.

The rules of the game have changed, but the game is just beginning. For us veterans who have experienced multiple bull and bear cycles, this may also be an opportunity. After all, in this fast-changing market, only the fittest will survive. Let's sharpen our eyes and prepare to face the challenges of this new era.