K线人生飞哥
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Seeing someone attribute the reason for this round of decline $BTC to the Prince Group being confiscated by the US government of 120,000 BTC, saying that the myth of Bitcoin's decentralization has been shattered, so the big drop should go to zero.
It really makes me laugh, as if they understand Bitcoin so well. If Bitcoin really crashes because "it can't be used for gray and black markets," then it should have collapsed years ago when Silk Road was taken down. The US, Germany, and the UK had all seized a bunch of Bitcoins back then, and what happened? The price continued to rise. The Chen Zhi incident wasn't a market-wide bearish signal; it was just an insider backstabbing.
The real reason for this round of decline is very simple: no one is buying. The order book for buy orders is almost empty, which is a typical case of liquidity exhaustion. The entire market's dollars are decreasing, institutions are starting to withdraw cash and sell assets to recover funds. Just look at the recent news: Amazon and Meta have surprisingly started issuing bonds to fund AI, a move that hasn't been seen in three years, indicating their own cash flow can no longer support the burn rate of AI. Meta has been questioned by the capital market because of this, and its stock price has almost given back its annual gains. Top tech companies are starting to run out of money; how can the market not be alert?
Additionally, the big crash on October 11 shattered the sentiment of the entire crypto market, and it still hasn't fully recovered. The Federal Reserve's interest rate cut expectations have decreased, and Bitcoin's four-year cycle—these are all overlapping factors, but none are decisive.
This round of decline has nothing to do with so-called black markets; the selling pressure mainly comes from Bitcoin ETFs (especially iBIT). Some people even say things like "Bitcoin is a safe-haven asset," which is even more ridiculous. Bitcoin is essentially a reserve asset and an inflation hedge tool, but it has never been a safe haven. A safe haven is where funds run to when there is fear; Bitcoin's rise and fall depend on USD liquidity—when there is more USD, it rises; when USD tightens, it falls. In short, it is a reservoir for USD.
As long as there is enough money in the market and strong buying pressure, even if a large buy order is placed at 100,000, who can push it down? Shorts have to finish off those 10,000 coins first. So don't attribute this market situation to some notion that "black markets can't launder money," as that is just the imagination of outsiders.
{spot}(BTCUSDT)
It really makes me laugh, as if they understand Bitcoin so well. If Bitcoin really crashes because "it can't be used for gray and black markets," then it should have collapsed years ago when Silk Road was taken down. The US, Germany, and the UK had all seized a bunch of Bitcoins back then, and what happened? The price continued to rise. The Chen Zhi incident wasn't a market-wide bearish signal; it was just an insider backstabbing.
The real reason for this round of decline is very simple: no one is buying. The order book for buy orders is almost empty, which is a typical case of liquidity exhaustion. The entire market's dollars are decreasing, institutions are starting to withdraw cash and sell assets to recover funds. Just look at the recent news: Amazon and Meta have surprisingly started issuing bonds to fund AI, a move that hasn't been seen in three years, indicating their own cash flow can no longer support the burn rate of AI. Meta has been questioned by the capital market because of this, and its stock price has almost given back its annual gains. Top tech companies are starting to run out of money; how can the market not be alert?
Additionally, the big crash on October 11 shattered the sentiment of the entire crypto market, and it still hasn't fully recovered. The Federal Reserve's interest rate cut expectations have decreased, and Bitcoin's four-year cycle—these are all overlapping factors, but none are decisive.
This round of decline has nothing to do with so-called black markets; the selling pressure mainly comes from Bitcoin ETFs (especially iBIT). Some people even say things like "Bitcoin is a safe-haven asset," which is even more ridiculous. Bitcoin is essentially a reserve asset and an inflation hedge tool, but it has never been a safe haven. A safe haven is where funds run to when there is fear; Bitcoin's rise and fall depend on USD liquidity—when there is more USD, it rises; when USD tightens, it falls. In short, it is a reservoir for USD.
As long as there is enough money in the market and strong buying pressure, even if a large buy order is placed at 100,000, who can push it down? Shorts have to finish off those 10,000 coins first. So don't attribute this market situation to some notion that "black markets can't launder money," as that is just the imagination of outsiders.
{spot}(BTCUSDT)
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