#美联储回购协议计划 Silver spot prices plummeted, but the landscape on the digital asset side looks particularly promising—Bitcoin has been rising steadily from yesterday's $87,000, now approaching the $90,000 mark, with an increase of over $2,000. My view is that there is still a chance to push towards $100,000 after the New Year. However, as for breaking through 126,000 in 2026 to set a new high? Honestly, the probability isn't that high. On the contrary, the downward space seems more worth warning about, possibly retracing to 30,000-50,000, or even more extreme levels of 10,000-30,000, a few thousand dollars is not entirely impossible. Of course, low-probability events should also be considered, such as a sudden surge to over 200,000 or 300,000. Essentially, it's still the U.S. debt monetization logic—making the vast majority of people caught off guard to achieve the most efficient harvest. This is actually good news for A-shares, as capital in the crypto circle is very likely to seek new channels of flow. Expect A-shares to range between 4,200-4,500 in the first half of next year, and consider falling back below 3,900 in the second half. If market sentiment releases quickly enough, 3,300-3,500 could serve as a bottom reference. $BTC $ETH