#代币化趋势 Seeing JPMorgan's latest research report, I feel more at ease. The recent market correction did scare many people, but carefully analyzing the underlying logic reveals that it is quite meaningful.

Closing basis trades, over-leverage liquidations, year-end liquidity tightening—these are all short-term disturbances rather than structural issues. I often say that the key difference between a healthy adjustment and a true bear market lies in whether demand side deteriorates. Currently, institutional interest remains, real-world applications are steadily progressing, and the long-term track of tokenization has not stalled. This precisely indicates that the fundamentals' resilience is still intact.

Every time the market fluctuates, I remind my friends: don't be overwhelmed by short-term panic. Manage your positions well, maintain sufficient cash reserves to cope with volatility, and keep a clear understanding of long-term trends. Market adjustments are often opportunities for patient investors to reassess allocations and adjust strategies.

Steadiness is not about avoiding risks, but about participating in a measured and planned way based on a full understanding of risks. In this wave of adjustment, I actually see the market's self-healing ability.