Do you remember how Bitcoin surged to over $120,000 in October and then kept declining? Why didn't it hit new highs again? Instead of staring at the candlestick charts, it's better to look at things from a more macro perspective.

The crypto market has fallen from its peak, evaporating nearly $1 trillion in value. What's behind this? It's mainly a series of major events hitting one after another—delayed expectations of Fed rate cuts, repeated tariff issues, and entering a period of market turbulence and adjustment in December. Price performance has clearly lagged behind, appearing somewhat weak compared to traditional assets, which directly dampened market expectations. Many investors are shifting to a defensive mindset, more concerned about whether they can hold steady rather than how to quickly double their investments.

Another interesting angle is that the US is de-bubbling. Simply put, it's reallocating funds globally to digest domestic bubbles. Look at how crazy gold and silver have recently surged; part of the money flowing into these traditional safe-haven assets is actually diverted from the crypto market.

But in the long term, Bitcoin is currently in a bottom-range consolidation, and this price level is quite attractive. Compared to gold, the long-term outperformance probability of $BTC is quite high, so for crypto investors, now is actually a good entry point.

What strategies to play? Spot dollar-cost averaging and long positions are both viable. For futures, you need to be cautious, especially before clear trend reversal signals appear. Shorting? That’s a bit reckless. Spot grid trading can steadily generate about 10% returns in this consolidation phase, and this efficiency already outperforms many other strategies.