Finally, we’re seeing a decent rebound! Last night’s market action was truly exciting—Bitcoin surged straight back to $92,000, and Ethereum regained its footing above the $3,000 mark. But this isn’t just a simple technical bounce; there are several key catalysts behind it that shouldn’t be ignored.

The most noteworthy is Vanguard’s shift in attitude. As the world’s second-largest asset management company, Vanguard has always been quite cautious about crypto assets. Now, however, they’re opening up access to BlackRock’s spot Bitcoin ETF for their 8 million clients. This move is highly significant—it signals that the conservative camp in traditional finance is starting to soften its stance, which means the entry barrier for mainstream capital is being substantially lowered. Bank of America also followed up with a statement, suggesting clients consider allocating 1%-4% of their assets to the digital asset space.

On the macro front, there are also major developments. The market has almost reached a consensus that the Fed will cut rates in December, and even more importantly, quantitative tightening has officially ended. While the actual impact might not be fully felt until the first quarter of next year, financial markets are always driven by expectations. Looking back at the last time the Fed paused its tightening cycle, the market soared 17% within three weeks—this historical precedent shouldn’t be underestimated.

My view: Don’t treat this rally as just an ordinary technical rebound. It looks more like the setup phase before a large-scale entry of institutional funds.

For individual investors, here are a few points to note:

Don’t rush in just because prices are rising, and don’t miss out due to hesitation. Timing is more important than direction.

Position management is the top principle. If you’ve been stuck in losing trades before, now there’s some breathing room, but that doesn’t mean you should blindly increase your position. Risk should always come before returns.

Stay alert to potential risks: The Bank of Japan could unexpectedly raise rates in December, which would cause short-term market volatility. If a pullback does occur, it could actually be a second window of opportunity for those who haven’t entered yet.