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Find a new angle to support the view: the current market is not a bear market rebound ┈➤ The current market is different from May As shown: the upper pane is the altcoin market cap divided by the total crypto market cap excluding stablecoins, which is the altcoin ratio excluding stablecoins (hereinafter referred to as the altcoin ratio). The lower pane is BTC. In May this year, the altcoin ratio and BTC basically moved in opposite directions, meaning when BTC rose, altcoins barely followed. But now, it is clearly different from the bear market rebound in May. Overall, the altcoin ratio and BTC trend upwards synchronously, which means altcoins are starting to recover, and market sentiment and funds are developing in an optimistic direction. Therefore, the current market cannot be considered a rebound within a bear market. ┈➤ Focus on oil prices Brother Feng has always believed that the conditions for a bull market are insufficient, mainly due to uncertainties involving the US-Iran relationship, the Strait, and oil prices. Currently, there is a slight breakthrough in US-Iran relations, and Iran is becoming proactive. The next focus is on oil prices. Of course, US Treasury bonds also have an impact, as their expansion is too rapid. Today oil prices fell, but the 30-year US Treasury yield still rose significantly. It should be noted that short-term US Treasury yields also fell intraday, indicating that the rise in Treasury yields is not due to rate hike expectations but rather a relatively pessimistic long-term outlook on US Treasuries. Overall, Brother Feng's view: still cautiously expect volatility, altcoins are starting to activate but will fluctuate along with BTC.