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$BTC, $ETH, and $SNDK have all experienced a rebound, and the market looks very prosperous. Many people seeing this scene might think the bull market has returned. However, I believe the bull market has not yet come back; this is just a last flicker before a major market crash. Let's look at it from two perspectives: one is the result of the midterm elections, and the other is the contract data of $ETH. Both perspectives can help us see the direction clearly. —————————————————— First, let's look at the midterm elections. The result was a big win for the Democrats, taking both the House and Senate, and Trump is now a lame-duck president. Given Trump's past behavior, what do you think he will do? I believe it is highly likely to be war or unlimited vetoes. To maintain his power and avoid investigations by the Democrats, Trump is very likely to continue the US-Iran conflict; this is entirely possible. Another approach is to exercise unlimited presidential veto power, which is a moderate method—vetoing all bills from both chambers to force the Democrats to cooperate with him. Either of these methods is bearish for the market, so from a macro perspective, there is currently no sign of long-term bullish potential. —————————————————— Now let's look at the contract data of $ETH. Contract data reflects market sentiment; it is the most direct factor affecting price and one of my important bases for judgment. Let's first look at the short-term data, which is very bearish. We can see that its long-short ratio in the middle