This round of pullback has eliminated a group of people.

They endured three years of downturn but chose to exit just before the turning point. The reason? They may not have understood that the rules of the game had changed.

On December 1st, a neglected turning point: the Federal Reserve's three-year quantitative tightening (QT) officially comes to an end.

What is QT? In simple terms, it means that the Federal Reserve is recovering the dollars it printed earlier and then directly destroying them—resulting in fewer dollars, making them more valuable. From 2021 to the present, the balance sheet has shrunk from about $9 trillion to $7 trillion, evaporating a total of $2 trillion in liquidity.

What does this mean? There is less money in the market, economic activity is constrained, and asset prices naturally cannot increase. The unemployment rate is rising, consumption is weak, and investment is on hold. The crypto market is hit hardest—how can it rise without liquidity?

But now, the script has flipped.

QT has ended, signaling the conclusion of the tightening cycle. The U.S. economy is facing recessionary pressures, with high unemployment data. To stimulate recovery, there is only one option - to release liquidity again.

From the restructuring of government agencies to the selection of the next Federal Reserve Chairman, various signals point in the same direction: liquidity is about to return.

Looking at it from a different angle, the current moment may be the hardest phase before dawn. In the short term, this month, or in the long term, by the first quarter of next year, the direction of the market will gradually become clear. The cost? The dollar may depreciate, but under the wave of industrial transformation driven by AI technology, there is still room for imagination in the economic explosion.

Return to the market itself. Those who were observing at the price levels of fifty or sixty thousand dollars and are now closing their positions due to fluctuations may need to reassess their judgment logic.

Trends do not wait for anyone, and opportunities are only given to those who can traverse cycles. The question is not whether the price will rise, but whether you can endure until that day.