There’s one point that might not be what everyone wants to hear: in the coming period, don’t chase highs. Operate with caution. Right now, the rate hike has been implemented, the negative factors are effectively out, and the market is seeing a short-term rebound. This rebound attracts funds to take over and exit. Why? First, the rate hike is objectively and genuinely affecting market liquidity, and it has long-term effects as well—so this is definitely a negative factor and cannot be digested away so quickly. Second, the market expects there will be another rate hike later this year. For capital, rate hikes mean their funds face uncontrollable losses or a risk of getting trapped. So over the next period, they will gradually reduce their positions, a process that is likely to drive a higher volume of selling and exits. Next, the key focus should be on the development of the underlying RWA-related infrastructure on-chain and the growth of AI agents.