#密码资产动态追踪 The ten days at the start of 2026 have been quite interesting—Bitcoin up 7%, Ethereum following with 9%, $SOL surged 12%, and DOGE was even more outrageous, jumping 23%. This wave of gains has exceeded many people's expectations.

Looking back, the end-of-year tax sell-off finally came to an end, institutional risk aversion sentiment is also rebounding, and optimistic signals from the options market suggest that bulls do have a chance to catch their breath. But there's a problem—liquidity remains thin, which is like a double-edged sword. When it's good, prices can rise rapidly; when it's bad, the declines can be equally frightening.

Currently, the macro environment is still full of uncertainties. The Federal Reserve's pace of rate cuts, geopolitical tensions, regulatory developments across different regions—any of these could become the next black swan. The rebound momentum looks promising, but chasing highs in this environment is essentially gambling, and the risk-reward ratio isn't worth it.

My view is: the smartest approach now is to stay cautiously bullish, avoid bottom fishing or rushing to add positions, and wait until the trend becomes clearer before taking action. There are plenty of opportunities in the market, but the costs of holding on through downturns are also quite high.