The information, opinions and judgments on markets, projects and currencies mentioned in this report are for reference only and do not constitute any investment advice.Market Summary:Against a backdrop of increasing complexity in the Middle East and a delayed interest rate cut in the U.S., Bitcoin saw its production halved for the fourth time on April 20, from 6.25 units per 10 minutes to 3.125 units per 10 minutes, and from 328,000 units to 164,000 units per year, a far-reaching halving that has made Bitcoin the only major asset class to have an annual inflation rate of less than 1%, at just 0.8%, and much lower than the 2% rate for gold, and has opened up a new chapter for the bulls in the Bitcoin market.Although the absolute number of cuts has decreased significantly compared to 4 years ago, because the number of BTC on centralized exchanges that determine the short-term pricing power of BTC has decreased to 2.29 million from 3.06 million in the previous cycle, the ratio of cuts to short-term liquidity is 7% per year, which is not proportionally smaller than the 10% in the previous cycle.Considering that the ratio of long-term holders has increased by 14% compared to 4 years ago, the deflationary impact of the halving of the market’s supply is still very large, and the four-year cuts accounted for 28% of short-term liquidity, and considering that the number of holdings of centralized exchanges will continue to decline, the number can actually be more than 30%.I believe that the rule of the super-bull market in the 18-month period after a halving of the halving of the cuts will still be reproduced.