Tom Lee: We are at the beginning of a new bull run.

On August 27, Tom Lee, chairman of the BitMine board, recently stated during an interview with Amit that "we are at the beginning of a new bull run. The reason I say this is not because we haven't experienced prior risk adjustments, particularly during the period from February to April of this year when many people closed all positions. However, we have yet to see the impact of two positive factors: first, if the Fed shifts to a dovish stance, it would bring some positive market expectations; second, the ISM index in the US has remained below 50, which indicates that the economy has not truly entered an expansion phase. We can only really see the arrival of a bull run when this index exceeds 50 and the Fed begins to drop interest rates. At that time, not only will manufacturing recover, but the development of artificial intelligence and the drop in mortgage interest rates will further drive the market upward. Therefore, from the perspective of institutional investors, this is indeed a new bull run." Institutional investors believe that the low point in April this year was a forced risk-off period because volatility was very high and uncertainty was also significant. Typically, when institutional investors face these conditions, they are unable to buy in—when visibility is lacking and market volatility is high, they will de-risk.