November 22, 2025

The market has temporarily stabilized. To be honest, the recent decline has been too fast. Since Bitcoin broke the previous all-time high of $70,000, it has maintained a high-level consolidation with low volatility. This is the first time we’ve seen such a huge bearish candlestick. As for Ethereum and other major altcoins, there’s a sense of numbness from the drop. At this point, I can only be glad that I gradually reduced some positions when prices were high, keeping 40-50% of my funds. Honestly, the market hasn’t truly stabilized yet, and the probability of $80,000 holding as the bottom is quite low, but I still chose to buy some for now.
The main driving force behind this round of sell-offs is likely the traditional crypto whales, but the reason the market is dropping so fast is because a lot of traditional financial assets have entered this cycle. They are used to leveraging, so when the market declines, it triggers forced position reductions and a chain reaction of liquidations, causing prices to plunge rapidly. Currently, MicroStrategy’s stock market value is already below its net worth of Bitcoin holdings. As the largest leveraged player in this cycle, MicroStrategy hasn’t yet experienced an extreme downturn. If Bitcoin accelerates its drop again, whether its stock price can withstand the market’s test is questionable.
The core reason I started buying is because sentiment has reached an extremely pessimistic state. Of course, in general, price bottoms lag behind sentiment bottoms, but I think if I don’t dare to buy now, I won’t dare to buy even if prices drop further. Additionally, the recent decline has been somewhat influenced by the macro environment—gold’s pullback, retracement in US stocks, and the fall of the A-share market. Since it’s a correlated market move, I don’t think there’s a need to be too...