Recently, many people are only fixated on index fluctuations, but they're overlooking something more fundamental——liquidity is being slowly drained away～

From the speed and duration of the Fed's balance sheet reduction, this round of global financial environment is actually not easy at all. Throughout history, whenever liquidity tightens continuously, markets often don't collapse immediately, but first maintain high-level volatility, then suddenly amplify fluctuations at a certain turning point. Dow Theory puts it quite plainly: the true inflection point of a trend often occurs when everyone lets their guard down the most～

So from a cyclical perspective, the probability of a significant-level crisis occurring within the next year is not low. Its destructive force may not manifest immediately, but once triggered, it's often a chain reaction——asset prices, leverage systems, and sentiment expectations all resonate together.

Interestingly, most people don't suddenly realize the risks were already embedded in the macro environment until the market has already started collapsing～

That's the characteristic of crises～

When things are truly dangerous, markets often still look quite calm～

#IXIC # S&P 500 #NVDA #CRYPTO