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Renowned trader Ansem stated in the podcast "Market Bubble" that he has recently shifted from a bullish to a bearish stance, reducing his positions and taking profits over the past few days, while also shorting a portion.Regarding stocks, Ansem believes that mainstream targets have seen significant increases, accumulating a large amount of unrealized profits, and have hardly experienced any proper corrections. Now, significant de-risking and profit-taking are starting to occur. He thinks that the U.S. stock market may be at the tail end of the macro cycle, with funds withdrawing.For the cryptocurrency market, Ansem believes that crypto performed strongly in Q3, but it may just be a counter-trend rebound rather than the beginning of a new bull market. Crypto had previously outpaced the weakness in stocks, rebounding after being oversold; if stocks continue to weaken, they may drag crypto down with them, and Bitcoin could fall back to around $70,000. He also expressed continued optimism about tokenized stocks, viewing them as a key pathway to bring more traditional capital onto the blockchain, as well as a catalyst for the next wave of real users and capital inflow, and reiterated his positive outlook on ZEC, emphasizing its privacy Bitcoin attributes.

Nick Timiraos, the "Fed's Mouthpiece," stated that when Waller took office, it coincided with the Federal Reserve's shift to a tightening cycle; historically, such periods are often when "forward guidance" plays a key role. It is commonly believed that "forward guidance" originated during the ultra-loose monetary policy period of 2008-2009 and afterward, as the Federal Reserve heavily relied on this tool when interest rates hit the "zero lower bound." However, in reality, the history of forward guidance can be traced back to 1999.At that time, Federal Reserve officials wanted to retract the rate cuts made in 1998 while also avoiding the miscommunication that caught the market off guard during the rate hikes of 1994. Therefore, in May 1999, the Federal Reserve attempted for the first time to issue a policy statement after a meeting where interest rates were kept unchanged.Previously, the Federal Reserve would only release statements after meetings where interest rates were adjusted. Six weeks later, the Federal Reserve raised interest rates. The minutes from the May 1999 meeting indicated that officials were already aware of the high likelihood of a rate hike and hoped to guide market expectations accordingly. Officials did not want the market to misinterpret their policy intentions.

Fundstrat co-founder Tom Lee explained the reasons why BitMine (BMNR) hopes to maintain maximum exposure to Ethereum. He pointed out that Ethereum has previously risen 50 to 200 times during past crypto cycles, and even with a more conservative estimate of 25 times, the ETH price would reach approximately $62,000.If this scenario materializes, BitMine shareholders could potentially gain substantial returns solely from the Ethereum held by the company.

Cryptocurrency analyst Ali Charts stated that as the U.S. midterm elections on November 3 approach, investors may overlook the recurring phenomenon of Bitcoin pullbacks observed in previous election cycles. He believes that this election may once again be accompanied by significant volatility, and the downside risk is worth noting, with a key focus on the lower price level of $73,000. According to his statistics, during the U.S. midterm election cycles in 2010, 2014, 2018, and 2022, Bitcoin experienced pullbacks of 72%, 65%, 52%, and 27%, respectively.However, he emphasized that correlation does not imply causation; the election itself may not necessarily be the reason for the decline, as these pullbacks are also influenced by the overall market cycle of Bitcoin, liquidity conditions, and investor sentiment. Fourth-quarter returns also exhibit similar characteristics: in 2014, 2018, and 2022, Bitcoin fell by 16.7%, 42.16%, and 14.75% in the fourth quarter, respectively. The only exception was in 2010, when it rose by 391%, but Bitcoin was still in its early development stage at that time. Therefore, in the past four midterm election years, three of those years recorded negative returns in the fourth quarter.Regarding the subsequent trend, Ali Charts indicated that the area around $73,000 is close to the average purchase cost of current short-term Bitcoin holders, which can be used to observe the positions of recent investors entering the market. He pointed out that in an established bull market, Bitcoin often finds support near the cost of short-term holders after experiencing a significant pullback. He believes that if selling pressure accelerates after the election on November 3, pushing Bitcoin back down to around $73,000, that area will become an important position to test whether buyers are still willing to maintain the overall bullish trend. If the price continues to rebound from that area, it will strengthen the bullish judgment; in terms of operations, he will wait for signs of selling pressure exhaustion and renewed demand before considering establishing long positions.

Trader Killa posted that the next important cycle turning point for Bitcoin is expected to arrive in a few days. Based on his observations of price trends over the past 600 days, the previous 11 turning points all showed movements contrary to the mainstream market narrative.Currently, bearish sentiment in the market is still accumulating. If this pattern repeats, Bitcoin may rise against the trend by at least 5%. Killa also reminds that a significant fluctuation may not occur immediately after the turning point arrives, and he will focus on the price performance at that time.

David Hoffman, the founder of Bankless, stated that the market for ZEC may not be over yet and provided his assessment of relative valuation: in this cycle, ZEC could reach 10% of BTC's market capitalization, and in the next cycle, it might reach 25%.

Cryptocurrency trader Ansem shared his recent investment views, stating that the crypto market is gradually shifting towards a phase that places greater emphasis on the fundamentals of individual projects, capital inflows, and actual business performance. Therefore, identifying mispriced assets and determining which teams are truly driving project development will become increasingly important, rather than relying entirely on the trends of mainstream assets like Bitcoin and Ethereum.Ansem believes that the investment approach for altcoins in this cycle is different from previous ones. Assets like HYPE and ZEC have shown independent trends from Bitcoin and Ethereum even during periods of overall market weakness.

Bank of America warns that the AI investment boom is showing signs of classic capital cycle risks, manifested in a surge in spending, intensified competition, and falling prices.The capital expenditure expectations of hyperscale cloud vendors have jumped from $330 billion to $1 trillion, roughly equivalent to 3% of the U.S. GDP. Meanwhile, since the summer, the prices of AI tokens have dropped by about 50%, and the increase in usage may not translate into sufficient revenue. The key risk is that AI technology may succeed, but investors could be harmed by over-investment and declining returns.

Jonas Golterman, Chief Market Economist at Caixin Macro, warned that there are increasing signs of a cyclical downturn in the US stock market, and a correction may continue over the next year, with US Treasury yields declining in tandem.He pointed out that despite recent high inflation data, concerns about whether the artificial intelligence boom can be sustained are rising, affecting market performance.

According to Bitcoin Magazine, James Thorne, Chief Market Strategist at Wellington-Altus Private Wealth, stated in a conversation with Grace Remington and Sean Hagan that Bitcoin is entering a "generational supercycle" and claimed that "the next round of Bitcoin's market will be recorded in history." He combined his research experience on commodity supercycles and believes that the current changes in market structure make this round of market different from previous ones, concluding that Bitcoin's traditional four-year cycle has ended.Thorne also discussed the Federal Reserve's policy path and the phenomenon of hedge funds changing roles in the bond market, exploring whether artificial intelligence could bring about a market environment similar to the Greenspan era. He believes Bitcoin solves the settlement problem and conducted an analysis around Strategy, quality collateral, and Bitcoin volatility harvesting.He further mentioned that tokenization will end the situation of innovation delays and discussed whether Bitcoin's market capitalization could potentially surpass that of gold. James Thorne is currently the Chief Market Strategist at Wellington-Altus Private Wealth.

David Haber, a general partner at a16z, stated that long-cycle intelligent agents can now progress towards goals across dozens of steps and various interaction methods over weeks to months. He noted that AI previously handled short tasks with clear boundaries, where customer service was implemented earlier due to verifiable results and edge cases manageable by humans; now, intelligent agents can guide insurance clients from the initial call to payout, mortgage clients from pre-approval to closing, and business leads from demonstration to signing, gaining returns based on revenue growth rather than just cost savings.He used the example of plaintiff lawyers preparing cases, stating that the process resembles a relay race, where value can easily be lost at handoff points. Potential clients often contact multiple law firms simultaneously, and slow responses or evaluations can lead to loss; after signing, evidence collection is limited by manpower, and firms may not follow up with witnesses who did not answer the fifth call, making it difficult to review low-value cases item by item. Missing bills or unexplained treatment gaps can also lower settlement amounts. Long-cycle intelligent agents can assess in real-time around the clock, utilizing sub-agents to advance evidence collection and client updates via phone, email, or text, while maintaining complete records from call logs to medical records.Haber proposed three commercialization paths: selling platforms to existing teams, taking over outsourced services, or vertically integrating as a full-stack service provider, such as purchasing debt portfolios and completing collections. He mentioned that most states in the U.S. prohibit non-lawyers from sharing attorney fees, so the plaintiff legal scenario needs to align pricing with settlement amounts but cannot directly share profits.

CryptoQuant founder Ki Young Ju posted that the Bitcoin bear market cycle has ended, and a bull market or sideways consolidation is expected in the next 12 to 24 months.Previously, on March 18, 2025, he predicted that the Bitcoin bull market cycle would end, leading to a bear market or sideways consolidation for 6 to 12 months, and now officially announces the end of that predicted cycle.

Cryptocurrency analyst Darkfost pointed out that Bitcoin has entered a phase where selling pressure has significantly increased. Recently, the rebound pushed Bitcoin's price above $85,000, and the Seller Exhaustion indicator has signaled that potential selling pressure is rising.This indicator combines profit supply and volatility to identify risk and calm phases, making it highly valuable for short-term reference. This rise has been quite sudden, especially reflected in short-term holders. The current level of the indicator is approaching the threshold seen at multiple local tops in this cycle. Analysts indicate that it is necessary to observe whether demand can improve and whether volatility converges to suppress potential pullbacks and allow the indicator to return to normal.

Tom Lee, the chairman of the Ethereum treasury company Bitmine, stated in an interview that Ethereum is expected to rise to between $25,000 and $50,000 in this cycle. He believes that ETH has been oscillating in a similar range for the past five years, and continued bottoming may lay the foundation for a larger breakthrough later.Tom Lee also predicts that the price of ETH will exceed $5,000 by the end of the year, noting that if Bitcoin rises above $100,000, ETH is expected to reach around $7,500. However, market prediction data shows that traders currently believe there is only a 4% chance that ETH will rise to $5,000 by the end of 2026.

Chris Larsen, co-founder of Ripple and crypto billionaire, is increasing his investment in the U.S. political arena. Disclosure data shows that during this midterm election cycle, Larsen has directly donated at least $22.5 million to federal candidates and super political action committees (super PACs), and plans to further increase his contributions.Currently, Larsen has become one of the important donors in U.S. federal politics, with areas of focus including artificial intelligence, clean energy, cryptocurrency, and wealth taxes. He has previously been an active political donor in the U.S. technology and cryptocurrency sectors.

Fidelity Digital Assets Vice President Chris Kuiper stated, "The bear market may not be over." He believes that the rebound since August could either be the starting point of a new rally or just a bounce within the bear market, "an upward price movement does not guarantee the end of the bear market"; according to a four-year cycle, November is a key window to observe (the last bear market bottom was in November 2022), but he also emphasized that historical cycles have never precisely repeated, and BTC may decline again, potentially setting a new low in November or later.A more positive signal is that during the period from June to mid-August, the volatility of digital assets rapidly increased after being low, resembling the end of previous bear markets, which may indicate that selling pressure is nearing exhaustion, while stablecoin transfers, RWA, and institutional participation continue to grow during the same period.

Chairman of BitMine, Tom Lee, stated during his speech at the TOKEN2049 summit in Singapore that the cryptocurrency market has entered a "full bull market." If a starting point for this bull market were to be determined, he believes it would be in August of this year. Tom Lee mentioned that, from a four-year cycle perspective, the market bottom has already appeared, and this cycle could become "the largest cryptocurrency bull market in history."Tom Lee indicated that there are four new driving forces behind this bull market compared to previous cycles, including institution-driven asset tokenization, intergenerational wealth transfer over the next decade, the continuous absorption of cryptocurrency supply by Digital Asset Treasury companies (DAT), and the development of AI and Crypto integration scenarios such as AI Agent payments. He believes that the migration of traditional financial assets to the blockchain will become an important source of incremental funds, and that AI Agents are more likely to use cryptocurrency wallets for payments and settlements in the future.

Cryptocurrency trader Ansem posted that he believes correlating the current cycle with the markets of 2020, 2023, or 2024 has limited reference value. For him, the closest environment to the current one is the DeFi expansion from 2020 to 2021, when a brand new business sector brought billions of dollars into the blockchain.In this cycle, stablecoins, especially tokenized stocks, are opening new markets while attracting participation from retail investors, institutions, and developers. New fields will bring new capital flows, products, and a large amount of speculative activity, which is the framework he uses to analyze this cycle.