Recently, the market signals have become so overwhelming that it’s dizzying, with debates on rate cut expectations and crypto prices both heating up.

Let’s talk about rate cuts first. According to Polymarket data, the probability of a 25-basis-point rate cut in December has surged to 93%, making it almost a certainty. At the same time, Bitmine Chairman Tom Lee made a bold statement: cryptocurrency prices may have already bottomed out, but the real explosion hasn’t started yet—the future growth potential could reach 200x.

Sounds great? But the arguments in the market are as fierce as ever.

The biggest debate is over Ethereum’s valuation. The opposition points to the numbers: a price-to-sales ratio as high as $380 billion, but just $1 billion in annual revenue. Holders are paying 146 times more per dollar of revenue than Amazon investors. These numbers are indeed eye-popping.

However, supporters aren’t buying it at all: You’re evaluating Ethereum with traditional financial models? It’s the foundational network for the future financial system—the value of the assets it carries is what matters, not just simple revenue figures. It’s like using P/E ratios to judge Amazon in its early days; you’d completely miss its growth logic.

Even more interesting is BlackRock CEO Larry Fink’s stance. He manages a $80 billion Bitcoin ETF, but calmly reminds everyone: Bitcoin is essentially a “panic asset,” mainly sought after during fiat currency depreciation and financial turmoil. It’s extremely volatile, and there’s high risk in short-term trading.

That’s the current state: rate cut expectations pushing things up, explosive growth predictions being shouted, valuation doubts throwing cold water, and risk warnings never ceasing.

Which side are you on? Do you think this round presents a solid opportunity, or is the volatility risk something to watch out for?

(The above is a summary of market information and does not constitute investment advice. Please do your own research.)