Today’s market has been truly fierce. Bitcoin once dropped below $86,000, and Ethereum also didn’t hold the $3,000 level, with the market turning red across the board. Many people saw their accounts lose value and chose to cut losses and exit.

But interestingly, if you look deeper, a completely different scene is unfolding.

What are the truly big funds doing? The largest asset management company in Brazil, Itaú, announced openly a few days ago that their investment portfolios must include Bitcoin; MicroStrategy has invested heavily in buying tens of thousands of BTC; the news that MetaMask now fully supports the Bitcoin ecosystem just came out; JPMorgan is issuing money market funds on Ethereum, and BlackRock is continuously increasing holdings through spot ETFs—these moves don’t seem like short-term speculation.

Retail investors are crying, institutions are laughing. What’s really going on behind the scenes?

It all depends on the macro outlook. The Bank of Japan is highly likely to raise interest rates this week, with the market pricing this probability at 98%. If the rate hike becomes real, international funds that have been arbitraging with yen low-interest borrowing for years will have to retreat; some funds are forced to flow back to repay loans, which triggered this chain reaction of cross-market declines.

But the long-term logic remains unchanged. History’s script always repeats: in the short term, the market is driven by emotion and liquidity, causing wild swings, but those who truly understand value always take the opportunity to position themselves during these fluctuations.

When the market is at its loudest, the direction is often the clearest. The question is, are you following fear to cut losses and exit, or can you stay calm, think about three or five years ahead while others are afraid?