#机构投资者加密货币布局# Looking back at the investment journey over the years, I have experienced many ups and downs. This Bank of America survey report reminds me of the bull run in 2017, when institutional investors were also full of confidence. However, history always repeats itself, yet it is never exactly the same.

Now that the possibility of a hard landing for the economy has decreased and stock allocations are rising, it indeed feels familiar. Especially with that 78% expectation of interest rate cuts, it seems like we have returned to the eve of the cryptocurrency frenzy. But we must not forget that each cycle has its own characteristics.

The risks of trade wars and inflation are particularly noteworthy in the current environment. They could become key variables in the next market cycle. Looking back, every significant drop has been closely related to these macro factors.

For institutional investors, now may be a good time to reassess their cryptocurrency allocations. However, caution is needed against excessive optimism, as we have gone through too many transitions from euphoria to disappointment. Balancing risk and opportunity is the most valuable lesson we have learned from past experiences.

Who will become the chairman of the Federal Reserve in the future is also a question worth paying attention to. The direction of monetary policy often profoundly affects the entire market ecology. What we need to do is to find our own positioning in this complex and ever-changing environment, adhere to long-termism, and stay true to our original intentions.