The first pullback that the public can feel in a bull market is generally an opportunity to buy on the short term, with a low probability of being trapped; The rise in a bull market is an opportunity for gradual profit-taking, not for shorting. This type of profit-taking is considered left-side profit-taking, and after taking profits, one must endure the anxiety of missing out; I believe the current sentiment is just reaching its peak, but making a top is a process, not a single point. There are still many opportunities in this process, but the corresponding risks have also increased; The technical top gradually emerges during the process of reaching the sentiment top, and it hasn't emerged yet; As for the policy top, I'm not particularly professional, but I know that Trump has just approved the entry of 401K into cryptocurrency, which is a long-term positive (similar to the approval of ETFs, which will lead to a continuous influx of funds), rather than a positive that turns into a negative after implementation. However, it doesn't have much impact on the short-term market.