#比特币价格走势 The logic behind this wave of decline is actually very familiar. It looks like a new story, but in reality, it's still the same old script.

Forced liquidations, legislative obstacles, and weakening corporate buying motivation—simply put, a triple blow stacking up. I saw a similar scene in 2017, when policy uncertainty combined with leveraged liquidations caused the market to tumble together. The difference is that back then, the regulatory shoe hadn't dropped yet, and everyone was speculating; this time, at least we know what the shoe looks like, only the landing time is still being debated.

What's even more interesting is MicroStrategy's performance. The company's story of buying Bitcoin with equity financing once looked glamorous, but now it has become a hidden risk—investors are starting to weigh dilution risks against holding returns, which precisely indicates that the market's risk appetite is genuinely declining. When the so-called "smart money" begins to hesitate, it often signals that market consensus is loosening.

In contrast, gold is approaching its historical highs, and this comparison is worth pondering. It reflects an ancient asset allocation logic reasserting itself—facing uncertainty, people still trust those with thousands of years of history behind them.

In the short term, this decline may continue because legislative uncertainty hasn't dissipated. But from a historical cycle perspective, each such suppression is an opportunity for later entrants to position themselves at better prices. The key is to distinguish whether this is a trend reversal or a cyclical adjustment—I tend to believe it's the latter.