Bitcoin plunged from $125,000 to $92,000, leaving the market in turmoil. But Ophelia Snyder, co-founder of 21Shares, recently put forward a disruptive perspective—the root cause of this crash doesn't actually lie within cryptocurrency itself.

Her point is clear: this time, Bitcoin isn’t suffering from “internal injuries,” but is being dragged down by a global risk-off wave. That $1.9 billion liquidation in October? Just the tip of the iceberg. What’s even more sobering is her blunt statement that the traditionally bullish “January effect” may not materialize in 2025.

Institutions do have a habit of rebalancing portfolios at the start of the year, and ETF inflows are usually routine. But with the current global market sentiment, are big players really willing to make bold moves? In a bull market, good news can ignite a rocket, but in a bear market, good news often becomes a window for escape—this logic sounds harsh, but it’s the truth.

And retail investors? They curse when prices drop, chase when prices rise, caught in the cycle of “buying high and panic selling.” So what’s smart money doing? ETF holdings are steadily expanding, governments worldwide are softening their stances, and some even see Bitcoin as “Digital Gold 2.0.” These long-term signals are often drowned out by short-term volatility.

Here’s some tough love: stop obsessing over the candlestick charts. Every deep correction is a moment for wealth to be redistributed—some are picking up chips at the bottom, others are panic-selling mid-way up. The market always follows the same script: seeds are sown in despair, quietly grow amid skepticism, and are harvested during mania.

What’s needed now is to lie in wait like a predator—not flail around like a startled bird. When the lightning strikes, you need to be there.