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Crypto stocks led the gains, but my position didn't budge at all—because the signal wasn't strong enough. Yesterday, this strong bullish candlestick in US stocks was quite intimidating, with the Nasdaq approaching its all-time high, Coinbase +8.3%, and MSTR +9.5% leading the market. A ceasefire + risk asset frenzy + crypto stocks outperforming the market—three signals overlapping, and many on social media have started shouting "institutions are back." But my judgment is: this is more like a short-covering linked rebound rather than a systemic influx of new funds. Let's break it down and look at a few details: First, BTC is still near 68,000 and has not effectively broken through 70,000. If institutions are truly systematically reconfiguring crypto exposures, spot should synchronize or even lead crypto stocks, because stocks have better liquidity and larger volume—if large funds want to hedge, spot and CME futures are the top choices, followed by stocks. Yesterday, crypto stocks rose more than twice as much as BTC, indicating that the recovery in previously suppressed sectors was more due to sentiment recovery than spot buying. Second, the ceasefire news is more about "safe-haven capital flowing back" rather than "risk appetite expansion." The most direct beneficiaries of easing geopolitical tensions are growth stocks and crypto-related stocks that were previously under pressure, resulting from funds shifting from defensive assets to offensive ones. But to support BTC breaking previous highs, what is needed is pure incremental capital, not a stock switch. Third, the fact that the Nasdaq is approaching its previous high is itself a warning sign. This round of U.S. stock market rebounds has already been going for quite some time. When approaching historical highs, any earnings reports or data that fall short of expectations could trigger a wave of profit-taking. As a high-beta product, crypto stocks rise fiercely and fall without hesitation. So my position hasn't changed at all: · BTC and ETH spot positions remain unchanged (accounting for 60% of total positions), neither long nor short; · No additional proprietary stocks were added, because stock volatility is not more advantageous than spot trading in the current environment; · Keep 30% of stablecoin holdings in your position, and wait for BTC to rise above 72,000 and stabilize before considering adding more positions. In short: Crypto stocks leading the rally are a leading signal, but they are just "sentinels," not "main forces." Before the spot confirmed a breakout, I chose to wait rather than chase. How did you handle your positions?