Key distinctions to clarify: 1) Japan's interest rate hike is marginal tightening, not a global liquidity cliff; 2) BTC may decline, but dropping below the 2017 high and returning to several thousand dollars means a complete de-trustification of the entire system, which requires a systemic financial crisis level trigger; 3) The current holding structure of BTC, on-chain settlement purposes, and institutional participation are completely different from what they were in 2017. If adjustments take decades, then logically, high leverage should not be used to bet on short-term shorting, because this structure resembles long-term recession assets, rather than event-driven trading targets. Japan's interest rate hike can trigger volatility, de-leveraging, or even temporary over-corrections, but is not sufficient to solely explain a value reset spanning over a decade. The risk lies in volatility, not in going to zero.