#Gate广场圣诞送温暖

I saw someone attribute the reason for this round of decline $BTC to the Prince Group being confiscated of 120,000 BTC by the US government, claiming that the myth of BTC's decentralization has been shattered, so the decline will go to zero.
It really made me laugh, speaking as if they understand Bitcoin so well. If Bitcoin would crash just because it "cannot be used for gray and black markets," then when Silk Road was taken down a few years ago, it would have already been done for. The U.S., Germany, and the U.K. all seized a bunch of Bitcoin back then, and what happened? The price continued to rise. The Chen Zhi incident wasn’t an industry-wide negative factor; it was just an insider betrayal.
The real reason for this round of decline is very simple: no one is buying. The buy orders on the order book are almost empty, which is a typical case of liquidity exhaustion. The entire market's dollars are decreasing, and institutions are starting to cash out, selling assets to recover funds. Just look at the recent news; Amazon and Meta are actually starting to issue bonds to engage in AI, a move that hasn't been seen in three years, indicating that their own cash flows can no longer support the cash-burning speed of AI. Meta has been questioned by the capital market over this issue, and its stock price has almost given back its gains for the year. Leading tech companies are starting to run short on cash; how can the market not be alert?
Moreover, the major crash on October 11 shattered the sentiment of the entire cryptocurrency market, and it has not fully recovered since then. The lowered expectations for interest rate cuts by the Federal Reserve and the four-year cycle of Bitcoin are all contributing factors, but none of them are decisive.
This round of decline has nothing to do with so-called black production; the selling pressure mainly comes from Bitcoin ETFs (especially iBIT). Some people even say that "Bitcoin is a safe-haven asset," which is even more amusing. 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 the liquidity of the dollar—when the dollar is abundant, it rises, and when the dollar tightens, it falls. To put it simply, it is a reservoir for the dollar.
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? Bears have to finish off that 10,000 coins first. So don't pull this round of market into the notion of "black market can't launder money"; that's just the imagination of outsiders.