#数字货币市场回调 Last night’s pump, those who understood have already adjusted their positions.

BTC directly stands back at 92,000, and ETH has also broken through 3,000. This is not just a simple technical rebound — several key signals have appeared simultaneously, and the keen-eyed funds have already taken action.

First, the most explosive news: Vanguard, the world's second-largest asset management giant, has suddenly changed course. This institution, known for its conservatism, has directly opened trading access to BlackRock's Bitcoin spot ETF for its 8 million clients. It is worth noting that this is one of the traditional financial players that has been most resistant to crypto assets.

The wall has fallen.

When conservatives start embracing digital assets, this signal is stronger than any technical indicator. Even Bank of America is now advising clients in research reports to allocate 1% to 4% of their funds to this field. This is not a speculative suggestion; this is an institutional-level asset allocation shift.

There is also movement on the liquidity side. The market is almost betting that there will definitely be a rate cut in December. More importantly, quantitative tightening has officially been announced to end. Although the real effect may not be seen until early next year, expectations themselves are the strongest fuel. The last time they stopped tightening, the market soared 17% in three weeks - this has happened before.

The question now is: how to operate?

If you were previously stuck, you can take a breather now, but don't rush to double down. Those who are out of the market can start to build a bottom position in batches, viewing the change in attitude of the pioneers and the actions of the Federal Reserve as entry signals for medium to long-term positioning.

The main theme of this market cycle is very clear: the inflow of funds driven by institutional recognition. Therefore, mainstream assets like BTC and ETH will be more favored, and don't spread your efforts on those unknown altcoins.

But there's a thunder to be aware of - the Bank of Japan may unexpectedly raise interest rates in December. This will temporarily impact market sentiment; however, if there is a pullback as a result, it will actually provide a second opportunity for those who have not yet entered the market.

Don't treat a rebound as a recovery; see it as the prelude to institutional funds flowing in. Position management is always the top priority. Don't chase after a rise crazily, but also don't foolishly miss out.