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$BTC, $ETH, and $SNDK have all experienced a rebound, and the market looks very prosperous. Many people seeing this scene might think the bull market has returned. However, I believe the bull market has not returned yet; this is just a last flicker before a major market crash. We look at this from two perspectives: one is the midterm election results, and the other is the contract data of $ETH. Both perspectives can help us see the direction clearly. —————————————————— Let's first look at the midterm elections. The midterm election results were a big win for the Democrats, taking both the House and Senate, making Trump a lame-duck president now. Given Trump's past behavior, what do you think he will do? I believe it is highly likely to be war or unlimited vetoes. To maintain his power and avoid investigations by the Democrats, Trump is very likely to continue the US-Iran conflict, which is entirely possible. Another approach is to exercise unlimited presidential veto power, a milder method, by vetoing all bills from both chambers to force the Democrats to cooperate with him. Either of these tactics is bearish for the market, so from a macro perspective, there is currently no sign of long-term bullish potential. —————————————————— Now let's look at the contract data of $ETH. Contract data reflects market sentiment and is the most direct factor affecting price; it is also one of my important bases for judgment. Let's first look at the short-term data, which is very bearish. We can see that its long-short ratio in the mid