Recently, an undercurrent of unease is quietly surging on Wall Street. Beneath the surface of the stock market hitting new highs driven by the artificial intelligence (AI) craze, a warning from Michael Hartnett, Chief Investment Strategist at Bank of America, has caught the market's attention: "All sell signals have been triggered." This statement serves as a wake-up call, ringing through this bull run feast dominated by tech giants.

However, the market's reaction to this warning has been unusually lukewarm. Most investors seem to remain intoxicated by the gains brought by a few leading tech stocks, selectively ignoring potential risks. But for those observers who are particularly sensitive to the pulse of the market, especially industry insiders who understand the impact of macro liquidity on crypto assets, these signals are by no means to be taken lightly. They are like puzzle pieces, which when put together may outline a blueprint pointing to a significant market turning point.

The warning from Hartnett primarily stems from three key observations: first, the cash reserves ratio of institutional investors has dropped to a historical low of 3.9%, which is often seen as a contrarian indicator suggesting that the market may have peaked. Second, market valuations are high, especially in the tech sector, which increases the risk of a pullback. Finally, the market's rise is mainly driven by a few leading stocks, and such narrow market breadth is often an unhealthy signal.

These factors collectively paint a concerning picture: the current bull run may be more fragile than it appears at first glance. Although the AI boom has driven market sentiment, the imbalance in market structure and potential liquidity risks are accumulating. This is not only about the possible pullback in the stock market but also involves changes in the overall market structure and the direction of future asset allocation.

For investors, this is a moment that requires careful consideration. While the market may continue to be buoyed by technology stocks in the short term, the importance of diversified allocation and risk management will become increasingly prominent in the long run. In this uncertain market environment, maintaining a clear and flexible investment strategy may be wiser than blindly following trends.

As the market evolves, we will continue to follow how these potential risk signals develop and the impact they may have on global financial markets, including traditional assets and the emerging crypto asset market. In this complex and ever-changing economic environment, only by staying vigilant and insightful can we seize opportunities in the future market changes.