The Coin Research Institute said on Weibo that Bitcoin is compared with the Bank of America Merrill Lynch Global Financial Stress Index (GFSI) and found that the historical bullish cycle of Bitcoin is consistent with its height, that is, the bitcoin bull market is mostly in the global financial market. During the down cycle, the bear market is mostly in the period of rising pressure on global financial markets. GFSI aggregates 23 stress indicators covering three financial market pressures (risks, hedging needs and investor capital flows) in five asset classes (credit, equity, interest rates, foreign exchange, commodity markets). The pressure on the global financial market may come from the failure of the financial market to function properly, the deterioration of the overall economy or the individual economy, the expectation of asset price volatility, or the adjustment of positions by investors due to risk avoidance. This indicator is simpler than the VIX or Interbank interest rate movements can more accurately measure global pressure.