On July 2, Bitwise Chief Investment Officer Matt Hougan stated that the sharp fluctuations in STRC combined with the pullback in MSTR stock prices are typical characteristics of the end of a cycle. As for when the market bottom will arrive, he could not provide a precise timeline, as no one can accurately predict it. Market bottoms can only be confirmed in hindsight. However, there are several key signals to watch for a potential bottom: First, MSTR trading below its net asset value per share indicates a complete shift from market greed to panic, which is a critical signal for bottom formation; second, the crypto fear and greed index hitting historical extremes and entering the extreme fear zone suggests it is a suitable time to position for a bullish trend; third, the negative funding rates in derivatives indicate that retail investors are much more inclined to short Bitcoin than to go long. The peak of market pessimism often presents a reversal opportunity. The current market is in a clearing phase, and the issues exposed by STRC are an inevitable part of the cyclical adjustment. All market cycles go through this painful period, which is unavoidable. The market is still digesting various risks, and I firmly believe that the bottom is near, with a new bull market set to begin this fall.