There are actually traces of this wave of market trends - BTC touched 94,500 and ETH stood at 3,400, and the logic behind it has long been buried.

What happened to the sudden explosion last night? Why did ETH take off directly?

It's actually not complicated to take it apart. Ostensibly, it was news from the United States - the policy statement on BTC and ETH was quite friendly. When this level of good comes out, the market must of course react.

But what really makes the market move is the lower things:

Liquidity is long back. **On December 8, when the market was still questioning "no quantity and no quantity", in fact, the capital side had quietly warmed up. Just because most people can't see it doesn't mean it doesn't exist.

**There is one day left in the rally window. **At that time, it was judged that this round of repair would continue for about 24 hours. Last night's surge happened to be at this time node.

**USDT issuance is close to the critical point. **Changes in stablecoin supply often precede market explosions. On December 8, it was observed that USDT was rapidly increasing, and this signal can ignite the fuse at any time once it meets other conditions. The result is: liquidity + policy + capital, three factors at the same time.

So why is there a pullback now?

It's simple - the time window for "one more day" is over. What should rise has passed, and the emotions that should be released have also been released. The market never only rises and does not fall, and the sense of rhythm is more important than the direction.

The market never relies on guessing, but on the comprehensive judgment of capital, policy and technology. This time too.