In this round of market, the real opportunities to make money are actually concentrated in two zones - alpha concept and contract products. Don't be fooled by the hustle and bustle of the Secondary Market; in reality, the Money Effect has significantly declined.

In the current position allocation, I mainly focus on $AIXBT, $LPT, $WLD, and $SOL on CEX, while on DEX I pay attention to $CRED, $GIGGLE, and $BANK. From the performance perspective, alpha direction assets like $GUN, $LISA, and $RTX continue to strengthen, and it’s hard to see any signs of decline. However, the risks on the futures side are significant; for instance, products like $LIGHT can quadruple in a day and then crash back down, making it a high-risk, high-reward game.

Looking at the Secondary Market, recent data actually speaks volumes. Take $UNI for example, the destruction of 100 million tokens accounts for 15.8% of the circulating supply. This should have been a positive sign, yet it only rose by more than 20%, indicating a clear lack of momentum. Recently, there have indeed been signs of exhaustion in the on-chain ecosystem.

The macroeconomic situation is indeed changing. The Bank of Japan raised interest rates by 25 basis points on December 19, adjusting the policy rate from 0.5% to 0.75%, marking a new high in 30 years, against the backdrop of a 3.0% year-on-year core CPI in November and pressure from yen depreciation. In contrast, the Federal Reserve lowered interest rates by 25 basis points as scheduled in December, marking the third consecutive rate cut. The target range for the federal funds rate is now 3.50% - 3.75%, with the core inflation slowing to a year-on-year rate of 2.7% in November providing them with operational space.

In simple terms, it's about taking action where there is a Money Effect, and as soon as you make money, secure it. Don't think you can get rich overnight; having too grand a vision can lead to problems.