链上洞察

Bitcoin's 'super cycle' is not a myth, but a transfer of power! Stop viewing today's Bitcoin through the lens of 2017. The so-called 'super cycle' is not a狂欢 prophecy of prices soaring to $300,000, but a silent power transition—from retail speculators to Wall Street, sovereign funds, and multinational corporations' balance sheets.

In the past, Bitcoin's four-year cycle was driven by miner halvings, leveraged liquidations, and FOMO sentiment; today, Bank of America alone poured $383 million in a single transaction, MicroStrategy holds a BTC position worth $6 billion, and ETF daily net inflows dwarf new mining supply. On-chain data shows institutional buying has surpassed miner output by 76%, and the market has already entered a new reality of 'supply shortage'.

This is not a replay of a bull market, but a fundamental restructuring of asset attributes. When Bitcoin becomes a macro tool to hedge against declining dollar credibility, debt expansion, and geopolitical risks, its volatility logic no longer belongs to technical analysts on K-line charts, but to Federal Reserve rate decisions and Treasury balance sheets. Retail investors are still watching charts and guessing tops and bottoms, while giants have already embedded it into the foundational configuration of century-long wealth transfer.

So don't ask 'Is it still possible to get on board?'—ask instead: In this new cycle, dominated by institutional capital, are you still using an old map to find a new continent?

$SOL $BNB $BTC

When Trump personally said 'Kevin Warsh is my top choice,' and emphasized that he views Bitcoin 'as valuable as gold' for sustainable value storage, a silent financial revolution has already begun. This is not political rhetoric—it's a redefinition of the asset paradigm from the highest levels of power. Even the future leader of the Federal Reserve acknowledges Bitcoin's store-of-value attributes; do you still think it's just a bubble?

Warsh is no ordinary technocrat. He was the youngest member of the Federal Reserve Board, deeply familiar with the game of monetary power; he has invested in Bitwise and publicly stated, 'People under 40 treat Bitcoin as the new gold.' If he leads the Federal Reserve, it means crypto assets will finally be integrated into mainstream monetary policy discourse, rather than being treated as regulatory outcasts.

More importantly, Trump needs low interest rates and a weak dollar to sustain fiscal deficits and stock market prosperity—and Bitcoin happens to be the best hedge against weakening dollar credibility. When the White House and a potential Federal Reserve Chair reach a tacit agreement on 'lowering interest rates + embracing digital gold,' markets will quickly price in: BTC is no longer just a gamble for retail investors, but a core position for institutions hedging sovereign risk.

Don't view today through the lens of 2017. When the center of power begins to seriously consider Bitcoin, its real bull market has only just begun.

$SOL $ETH $BTC

The day the US military raided Caracas, Bitcoin didn't drop—it soared to $92,000. The market cast its vote of trust with real money. Stop treating BTC as a speculative bubble; it's becoming a 'digital shield' for globally marginalized nations resisting financial hegemony. The people of Venezuela no longer trust the bolívar—markets even price goods in USDT. If Maduro's regime truly holds 600,000 bitcoins, that's not a risk—it's a permanent withdrawal from circulation, equivalent to 3% of Bitcoin potentially removed from the market forever.

Even more critical is that this U.S. operation reveals its anxiety: when a nation can bypass SWIFT and sustain its economy through crypto assets, the dollar's hegemony begins to crack. And cracks are where light enters. Bitcoin is no longer a question of 'whether to believe'—it's a reality you simply can't avoid. The more chaotic the geopolitics, the more fragile the sovereignty, the more Bitcoin resembles gold in the digital age—backed not by central banks, but by mathematics and consensus.

So don't be scared by short-term volatility. This coup isn't a crisis—it's Bitcoin's coming-of-age moment, transitioning from the fringe to the mainstream. The real bull market never lives on charts; it quietly grows in the gaps of power restructuring.

$SOL $BNB $BTC

Don't be deterred by short-term fluctuations—Bitcoin is completing its transition from a 'speculative toy' to a 'global hard asset.' Yes, it will have pullbacks, but each low is being raised; it will be volatile, but institutional holdings are quietly reaching new highs.

Many people focus on the 21 million cap and discuss scarcity, yet they overlook a more critical fact: global investable wealth is expanding at over 10% per year, while there are very few assets that can hedge against sovereign currency devaluation. Gold's annual production is still increasing, U.S. Treasury credit is continuously overdrawn, while Bitcoin automatically 'diets' every four years, and its supply growth has fallen below the global M2 expansion rate—this is not a supply-demand imbalance, it's a structural mismatch.

After the halving in 2024, the average daily addition is only 450 coins, while the average daily net inflow of the U.S. spot ETF often exceeds a thousand coins. The gap is not theoretical; it is daily pressure of real buying. Not to mention that Middle Eastern sovereign funds and Asian family offices are quietly entering the market—they don't care about tomorrow's ups and downs, only whether they can still buy in five years.

Bears are always waiting for the 'bubble to burst,' yet they ignore one fact: as the world becomes increasingly untrustworthy, Bitcoin's certainty has become a scarce commodity. It may not rise every day, but in an era of monetary overproduction, geopolitical tearing, and collapsing trust, if it doesn't rise, what will?

In the next three years, it's not a question of 'will it break through $100,000,' but rather 'do you have the courage to believe in this digital value revolution when others are afraid.'

$SOL $ETH $BTC

When everyone is queuing up in the gold store to grab gold bars, the real wealth revolution has long shifted to the depths of code. Don't be blinded by the 'illusion of safety' of gold—its growth story is essentially a game of existing stock: there are over 210,000 tons of gold above ground globally, with only about 3,000 tons added each year, and central banks and retail investors have almost bought all they can. New buyers? The space has peaked.

In contrast, Bitcoin, despite currently having a market value of only $1.7 trillion, which is less than 6% of gold, has a potential user pool of 7.8 billion people globally + all institutions + sovereign funds + digital natives. Gold cannot be divided for transfer, has high cross-border costs, and relies on physical storage; Bitcoin, on the other hand, can complete value transfers on a mobile phone, naturally adapting to the digital age.

More importantly, scarcity is being repriced. Gold's annual production dilutes its value, while Bitcoin halves every four years, with a hard cap of 21 million coins. MicroStrategy, discussions about U.S. strategic reserves, and the entry of the Abu Dhabi pension fund... these are not hype, but the beginning of institutional acceptance.

Some say, 'Bitcoin is highly volatile,' but who remembers that gold also went from $2,000 to $4,000 and was once considered a bubble? Today, gold's market value is $31 trillion, and if Bitcoin really wants to catch up, its price would need to reach $1.5 million—sounds crazy? But if 1% of global assets shift towards it in the next decade, this goal won't be far off.

Don't use an old map to find a new continent. Gold is a shield for retreat, while Bitcoin is a spear for attack. As the world accelerates its digitalization, betting on the latter is not gambling but a vote for the future.

$SOL $ETH $BTC

When the news of the U.S. military raid in Venezuela and Maduro being 'captured' exploded globally, Bitcoin plummeted below $90,000. Many panicked, thinking that the 'safe-haven myth' of cryptocurrencies had been shattered. But looking at it calmly, this is precisely the strongest catalyst for Bitcoin's long-term bullish outlook.

On the surface, the market sold off BTC in panic; in reality, it exposed a cruel truth: the U.S. dollar hegemony is willing to use force to stifle any sparks of de-dollarization. Venezuela is not just an oil-producing country, but also the world's first experimental field for issuing a national cryptocurrency (Petro). In recent years, it has increasingly used the Chinese yuan and crypto assets to settle oil transactions—this has upset the dollar's apple cart.

The more the U.S. uses guns and cannons to maintain its financial monopoly, the clearer the world becomes. Central banks, sovereign funds, and even ordinary people in various countries will accelerate their search for 'non-U.S. alternatives.' Bitcoin, as a truly decentralized value carrier that cannot be frozen and circulates globally 24/7, is precisely the sharpest spear in this financial awakening.

Short-term volatility? Of course. But history tells us: after every geopolitical crisis, Bitcoin's adoption rate has quietly surged. The 2022 Russia-Ukraine war led to Ukraine receiving crypto donations; the 2024 collapse of Lebanese banks made BTC a grassroots hard currency. Now, if Venezuela undergoes a regime change and its financial system collapses, the local people's first reaction is probably not to exchange for dollars, but to open their wallets and buy BTC.

So don’t be scared off by a temporary drop. When the gunshots ring out, smart money has already been quietly accumulating. Bitcoin below $90,000 is not a risk, but a discount coupon the era is giving you.

$SOL $BNB $BTC

On December 31, Musk stated, 'Energy is the real currency,' which is not just a casual remark but a declaration about the future financial order. While global central banks are still frantically printing money, he has already turned his attention to the truly non-falsifiable value—electricity.

Bitcoin is criticized for being a 'waste of energy,' but precisely this 'waste' has made it the gold of the digital age. Behind every BTC is real kilowatt-hours, the relentless cooling fans of mining farms working day and night, and the actual pressure of the grid's load. This mechanism of minting currency with energy is, in fact, more honest, scarcer, and more resistant to inflation than a banknote backed by government credit.

More importantly, on the eve of AI and automation sweeping the world, human labor will no longer be the core measure of value. In the future, whoever controls energy will control productivity; and whoever can convert energy into tradable, verifiable, globally circulating digital assets will hold the key to the new world. Bitcoin is, indeed, the most mature vehicle on this path.

Being bullish on Bitcoin is not about betting on it rising to $1 million, but about believing that when the world returns to the essence of value, the trust forged by energy will ultimately surpass the illusions created by the money printing machine. This bull market has just begun.

$SOL $ETH $BTC

By the end of 2025, a farcical drama unfolded in global capital: on one side, gold broke through $4,500, and silver surged by 150%, with central banks around the world frantically hoarding gold; on the other side, Bitcoin plummeted 30% from its peak of $126,000, mercilessly abandoned by the market. On the surface, this seems like a victory for the 'risk-averse logic'—but the truth is harsher: it’s not that Bitcoin fell, but that it was never truly regarded as a 'store of value'.

The frenzy for gold stems from a collective distrust in the US dollar credit system. Meanwhile, Bitcoin's correction precisely exposes its awkward position: it is neither stable enough to be considered a safe haven asset nor too wild to be fully accepted by mainstream finance. Institutions sell it off in times of panic, and retail investors flee after leveraged liquidations—let’s not forget, Bitcoin was never designed for 'stability'.

Its true value lies not in candlestick charts but in the hands of those who cannot use bank accounts, in the families of Argentina fighting against hyperinflation, and in the eyes of ordinary people safeguarding their wealth with a string of private keys amidst war. Bitcoin is digital sovereignty, a value choice that requires no permission, cannot be frozen, and is universally accepted.

This drop has washed away speculative bubbles but may leave behind the most steadfast believers. While the world is still scrambling for gold, Bitcoin quietly awaits the next moment of 'trust collapse'—when it may no longer be an asset but rather a way out.

$SOL $BNB $BTC

By the end of 2025, the difficulty of Bitcoin mining has reached a new historical high, standing at 148.26T, and is expected to break 149T in January 2026. On the surface, this is a 'cost alert' for miners; on a deeper level, it is precisely the market's most resolute vote on the long-term value of BTC.

Why is mining difficulty continuously rising? Because global capital is still betting real money on the future of Bitcoin. Even after experiencing market fluctuations in October, professional mining companies in North America, the Middle East, and Latin America are accelerating the deployment of new generation mining machines — they are not blindly expanding, but instead are using computing power to build the foundation for the next bull market. Especially with the halving approaching in 2026, locking in low-cost computing power in advance is a way to seize a scarce share of future block rewards.

What is even more optimistic is that rising difficulty = enhanced network security = increased system trust. Each adjustment in difficulty means that the cost of attacking the Bitcoin network grows exponentially. This 'defensive barrier' formed spontaneously by the market is its core advantage as digital gold that cannot be replicated.

For investors, the current 'high compression state' of the mining ecosystem is actually a signal of opportunity: when small miners are cleared out and industry concentration increases, the network will become more stable; and once the coin price breaks through key resistance, high difficulty will actually limit the rapid influx of new computing power, creating a perfect resonance of 'supply tightening + demand explosion'.

Therefore, don't view 149T as an obstacle; it is actually Bitcoin's rite of passage to becoming a mainstream asset — the harder it is to mine, the more precious it becomes.

$SOL $ETH $BTC

El Salvador is not buying coins; it is betting on the future currency order! While the world is still debating whether Bitcoin is digital gold or a bubble wreck, El Salvador has already jumped out of the framework of technology or speculation — what it is buying is not an asset, but a ticket to the future currency order. In 2025, it increased its holdings by 1511 BTC, with total holdings exceeding 7514 coins. On the surface, it seems like 'buying the dip,' but in reality, it is a carefully planned geopolitical financial gamble by the Bukele government.

Don't be fooled by the label of 'legal tender.' In reality, over 90% of the citizens hardly use Bitcoin for payments, and remittances still go through the dollar channel. What El Salvador is truly betting on is not daily circulation, but making BTC a strategic reserve to counteract the hegemony of the dollar. In the cracks of the IMF loan agreement, it still insists on buying at least 1 coin every day, which is not only a silent provocation to the international financial system but also a signal to global South countries: small nations can also compete for monetary discourse through non-traditional paths.

However, this 'calculated gamble' carries extremely high risks. The national treasury is deeply tied to a single highly volatile asset, and once the market collapses, it could trigger a sovereign credit crisis. El Salvador's experiment may be doomed to not be replicable, but it has successfully pushed Bitcoin from a geek toy to the chessboard of national competition — this itself is a victory.

$SOL $BNB $BTC

When the market is still repeatedly questioning Bitcoin with terms like 'pullback', 'bubble', and 'regulatory risk', MicroStrategy has already provided the ultimate answer with a clear balance sheet: $74,972 — this is the average cost of the world's largest holder of Bitcoin and also the most solid foundation for the upcoming bull market.

As of December 21, 2025, MicroStrategy holds 671,000 Bitcoins with a total cost of $50.33 billion. At the current market price of about $95,000, its paper profit has already exceeded $12 billion. But that's not the key point — the key point is that it holds $2.19 billion in cash reserves and has just paused buying, not retreating, but building momentum. Stocking up on ammunition when others are fearful, firing when others are desperate — this is exactly the rhythm Saylor has been successfully following for five years.

What’s even more bullish is that MicroStrategy's 'never sell + continuous financing to accumulate Bitcoin' model is turning its corporate balance sheet into a 'national reserve' of Bitcoin. Every time it increases its BTC holdings, the global circulating supply decreases; each time it announces a low-cost position, the market's understanding of 'long-term value anchor' is strengthened. This narrative of scarcity driven by real capital is far more powerful than technical rebounds on price charts.

Don't forget, the Federal Reserve's interest rate cut cycle has begun, the global liquidity inflection point is approaching, and the supply contraction effect after Bitcoin halving will be fully realized in 2026. In this macro context, a whale holding 670,000 BTC at a cost of $75,000 is not a risk, but the strongest bullish ballast.

So, don't be scared off by short-term fluctuations. A true bull market never starts from new highs, but grows from the confidence that 'even the biggest players are still firmly buying'.

$SOL $ETH $BTC

When others are still struggling with whether "$90,000 is the peak or the bottom," Michael Saylor has already pressed the calculator to $10 million—this is not a pipe dream; it is the KPI he set for Bitcoin. The captain of Strategy recently stated: as long as the company acquires 5% to 7% of the total Bitcoin supply, the price can soar from six figures to seven figures or even eight figures. Does it sound like science fiction? But don’t rush to laugh; behind this is a carefully designed "financial hunting."

The core of Saylor's logic is "supply shock": when the circulating Bitcoin is continuously locked up by whales, the market's tradable chips sharply decrease, and the price will inevitably soar non-linearly. And Strategy is the executor of this experiment—it uses equity and bond financing to buy Bitcoin and then relies on paper gains to boost its stock price, forming a flywheel of "financing → hoarding coins → premium → refinancing." Over the past five years, it has quietly absorbed nearly 3.2% of BTC at a cost of less than half of the current market price.

But the problem is also apparent: the flywheel relies on market sentiment and the financing environment. Now Bitcoin has plunged 30% from its high of $126,000, MSTR's stock price has halved, and MSCI is even considering removing it from the index. If liquidity dries up, this "infinite buying machine" may jam before reaching 5%.

Saylor is betting not on technology, but on human nature's madness for scarcity. However, history has repeatedly proven: no matter how perfect the model, it cannot withstand a collapse of confidence. He wants to inject power into the network, but don't forget—if the engine overheats, it may also self-ignite.

$SOL $BNB $BTC

When global computing power collapses, and mining farms collectively go offline, only a few hundred mining machines buzzing in the corner remain, many will shout: “Bitcoin is finished!” But the truth is quite the opposite: this may be its purest moment.

Bitcoin's security has never been built on the illusion of “massive computing power,” but rather stems from the delicate balance of economic incentives and decentralized consensus. Even if only a few dozen mining machines remain, as long as there are individuals willing to mine, the network can still produce blocks; as long as there are full nodes validating rules, the chain will not be chaotic. The difficulty adjustment mechanism will automatically “reduce dimensions to survive” within two weeks, allowing the system to breathe again. The real risk is not having less computing power, but rather having it overly centralized—that is what leaves gaps for a 51% attack.

But don't forget: attacking a network that is worth zero is meaningless. If it comes to only a few hundred mining machines left, it indicates that the market has shrunk drastically, and profits from double spending are far from covering costs. Rational attackers would not engage in such a losing business. More crucially, the Bitcoin community is not a passive collection of code that is beaten upon, but a living ecosystem that can respond quickly to threats—if necessary, hard forks and protocol upgrades are options.

Ultimately, the design philosophy of Bitcoin is to be anti-fragile, rather than pursuing never making mistakes. It is not afraid of recession, only afraid of people not believing. As long as there is one person plugging in the power and syncing nodes, it lives on. A few hundred mining machines are not the end of the world, but a stress test of the original intention of “decentralization”—and history has repeatedly proven, the more it is pushed to the corner, the harder it rebounds.

$SOL $BNB $BTC

In January 2010, you spent 120 yuan to buy three movie tickets to watch 'Avatar', marveling at the fantasy of Pandora; if you had converted that money into Bitcoin, today it would be worth 150 million — this is not a joke, but a reality check on perception. And now, some dare to predict: Bitcoin will soar to 10 million dollars each. Crazy? Perhaps not.

Behind this is a silent financial revolution. 10 million dollars means Bitcoin's total market value exceeds 200 trillion dollars — far surpassing the total global amount of gold, stocks, and even currencies. What it seeks is not just an 'increase', but replacement: replacing gold's store of value, replacing part of the dollar's credit function, becoming the ultimate anchor of the digital era.

But don't be misled by the numbers. Michael Saylor said, 'Holding 7% BTC can push it to 10 million', yet global sovereign funds, pensions, and central banks have yet to allocate even 1%. The true barrier has never been technology, but the cost of transferring trust. As long as the fiat currency system can maintain stability, no one will bet on a disruption.

However, once a global debt crisis erupts, malicious inflation spreads, and geopolitical conflicts tear apart traditional financial networks, Bitcoin's characteristics of being 'permissionless, unfrozen, and with a constant total supply' will no longer be just a geek's toy, but a civilization-level escape pod.

Therefore, 10 million dollars is not a price prediction but a signal: when the old order begins to collapse, a new consensus quietly rises. What we await is not a breakthrough in K-line, but a world change.

$SOL $BNB $BTC

Stop deceiving yourself—The money you have worked hard to save cannot keep up with the money printing machine. Over the past decade, the purchasing power of major global currencies has shrunk by an average of over 40%, while bank fixed deposit rates have been below 2%. This is not financial management; this is chronic blood loss.

Bitcoin is precisely one of the few weapons ordinary people have to fight against this 'invisible plunder.' Its total supply is capped at 21 million coins, and the algorithm is designed to never increase—this means that as long as humanity continues to trust mathematics more than politicians, Bitcoin inherently possesses anti-inflation genes. In 2025, even Wall Street giants like BlackRock and MicroStrategy are hoarding coins like crazy, not because they 'believe in crypto,' but because they see through it: the fiat currency system has entered an irreversible credit dilution cycle.

Some say the volatility is too great? But have you calculated: salaries have doubled in ten years, housing prices have tripled, Bitcoin has increased a hundredfold—what’s truly dangerous has never been the volatility, but the illusion of staying still. Ordinary people don't need to go all in; just invest 1% to 5% of spare cash regularly, and you can embed a 'anti-fragile anchor' in your asset allocation.

More importantly, Bitcoin grants you true financial sovereignty. No bank can freeze it, no intermediary can take a cut, with the private key in hand, the asset is in hand. In turbulent times, this is more practical than gold—after all, no one can carry gold bars across borders for transfers, but you can use your phone to instantly send value to the other side of the Earth.

Therefore, ordinary people invest in Bitcoin not to get rich, but to avoid being quietly eliminated by the times.

$SOL $ETH $BTC

Stop complaining that 'the altcoin season hasn't started yet.' Arthur Hayes hits the nail on the head: the altcoin season has always been there, it's just that you haven't bought the right coins.

Too many people are living in the illusion of 2021—thinking the next hundredfold coin has to be ETH, DOT, or LINK, believing that the meme craze must replicate the script of Dogecoin. What happened? When Hyperliquid's HYPE skyrocketed from $3 to $60, and Solana surged back from $7 to $300, they were still looking for 'bottom signals' in the candlestick charts, waiting for a 'unified bull market' that will never come.

It's not the market that has changed; it's you who hasn't changed.
Today's crypto world is already fragmented: the Base trench is trading memes, the Solana ecosystem is rotating AI Agents, and the privacy track is quietly rising... each narrative window may only last two weeks. If you are still clinging to centralized exchanges and scrolling outdated 'hundredfold prediction charts,' then of course you feel that 'the market hasn't come'—because you are simply not on the battlefield.

Hayes is harsh but true: 'You haven't missed the altcoin season; you are just afraid to participate.' In 2017, you thought white papers were nonsense, in 2021, you laughed at NFTs as monkey avatars, and in 2024, you say HYPE is just air. But those who have made real money have long learned one thing: let go of your obsessions, chase the flow of funds, rather than chasing memories.

The market owes you no opportunities; it only rewards those who can evolve quickly.
So stop asking 'when will the altcoin season come'—it has already happened; it just hasn't happened to you.

$SOL $BNB $BTC

In 2025, if you have exactly 1 Bitcoin (approximately 650,000 RMB) in your wallet, don't rush to show it off—what's truly worth being proud of is not the asset number, but the fact that you have quietly crossed the cognitive threshold of 99.8% of the global population.

Many people are still mocking 'speculating on coins,' yet fail to realize: Bitcoin is no longer a speculative toy, but a mirror reflecting the fragility of finance. When central banks around the world are frantically printing money and inflation is invisibly harvesting the middle class, Bitcoin, with its capped supply of 21 million, has become the only 'hard currency' that ordinary people can control autonomously. Owning 1 BTC means you no longer blindly trust the numbers in your bank account, but vote with your actions—choosing a decentralized, censorship-resistant, and non-inflatable store of value.

The key factor is scarcity. There are over 8 billion people in the world, but the addresses holding ≥1 BTC are less than a million. This is not a goal that can be immediately achieved just by having money; it requires patience, discipline, and even a bit of anti-human instinct—not to cut losses during a crash and not to leverage during a frenzy. Too many people shout 'faith,' yet they exit at $30,000; those who truly hold on are often as silent as a mountain.

Of course, this does not mean advocating for All in. Bitcoin is still a highly volatile asset, but it offers a possibility: ordinary people can also participate in a global value experiment built on code and consensus.
Therefore, the significance of 1 Bitcoin has never been about the price, but whether you have seen the cracks in the old system and bravely stood at the entrance of the new world.

$SOL $ETH $BTC

When the Bitcoin to gold ratio falls back to 20 ounces, the market starts to debate whether it's a "bottom" or a "top." But don't be fooled by the surface numbers—this is not a simple bull-bear line, but a reshuffling of asset faith.

In 2025, gold skyrocketed by 63%, surpassing $4000/ounce, central banks hoarded gold, and retail investors flocked to ETFs. Gold is no longer just a safe-haven tool; it has become the "new dollar." And Bitcoin? In the context of delayed interest rate cuts by the Federal Reserve and over 160,000 people forced to liquidate, it was ruthlessly sold off. On the surface, it seems that the BTC/GOLD ratio has broken through a key level; in essence, global capital has chosen the "visible anchor" amidst uncertainty, rather than the "trust in code."

However, because of this, opportunities may be brewing. History doesn't repeat itself simply, but the rhythm is remarkably similar: whenever the BTC/GOLD RSI drops below 30, it often corresponds to a long-term bottom. Michaël van de Poppe is right—it's not that Bitcoin is too weak, but that gold is too strong. Once the macro wind changes (for example, when the Federal Reserve truly begins a rate cut wave in 2026), the speed of capital flowing back into the crypto market may far exceed expectations.

More crucially, the decline in 2025 is not an ecological collapse, but a deleveraging and narrative reconstruction. If BTC can hold the support at 20 ounces, it may replicate the reversal script after 2019; if it fails, it could trigger a deeper adjustment. But in any case, a true bull market never emerges from consensus; it quietly starts in despair and divergence. Now is the time to be sober and lay out a strategy.

$SOL $ETH $BTC

Don't be intimidated by the more than 1.3 billion single liquidation number—real opportunities often hide in the gaps of panic and hesitation. When the market is closely watching the "death line" at $83,757, smart money is quietly positioning: once Bitcoin breaks through $92,402, $1.4 billion in short positions will instantly vanish, and this is not an ordinary rebound, but a typical combination of "short squeeze + liquidity replenishment".

The bullish logic has never been so solid. The fourth halving has passed, and the daily new supply has sharply decreased to 450 coins; 74% of BTC globally is in long-term locked status, making circulating chips increasingly scarce. Meanwhile, giants like BlackRock and Fidelity are continuously accumulating through spot ETFs, with just the U.S. ETF holdings exceeding 800,000 coins—this is not a retail frenzy, but a revolution in asset allocation where institutions are voting with real money.

The more critical factor is the macro shift. The Federal Reserve's rate-cutting cycle has already begun, the dollar is weakening, and the global "asset scarcity" is intensifying. Bitcoin, as a non-sovereign, anti-inflation digital gold, is becoming a core tool for hedging systemic risks. Even Texas has started purchasing IBIT to build strategic reserves, and the signal released is far more powerful than any candlestick chart.

Short-term volatility? Of course there will be. But history has repeatedly proven: every 12–18 months after a halving is a key window for wealth redistribution. $92,000 is not the endpoint, but the starting point for a new round of value reassessment. A real bull market never arises in the comfort zone—it quietly starts when everyone hesitates and quietly ends when consensus boils over. Now, which side are you on?

$SOL $BNB $BTC

When the market is in a panic sell-off over the possibility of MSTR being removed from the MSCI, the true opportunists have quietly built their positions — because this "identity crisis" has exposed the lag of the traditional index system, rather than the failure of the MSTR model.

Yes, 77% of MSTR's balance sheet is in Bitcoin. But let's not forget: it has opened the door for institutional investors to hold BTC in compliance with corporate identity. In the current situation where spot Bitcoin ETFs are still hampered by regulatory restrictions, MSTR is the most efficient "Bitcoin leverage channel". Its software business has an annual revenue of $500 million, continuing operations, paying taxes, and hiring — is this not a solid business? MSCI marginalizes it on the grounds of "non-operating", which is essentially institutional discrimination against new digital asset companies.

More crucially, the bad news has long been priced in. The stock price has been halved and then halved again from its peak, with the market value approaching the net value of the Bitcoin it holds, and the premium almost zero. Even if it is really removed on January 15, the $2.8 billion passive sell-off will hardly create a deep pit — JPMorgan even admits that "downward space is limited". Conversely, if MSCI ultimately compromises (especially in the context of MSTR already being included in the NASDAQ 100), it will be an epic reversal of expectations!

Michael Saylor's ambition has never been to run an ordinary software company, but to build the "financial infrastructure of the Bitcoin era". Short-term pain is inevitable, but history will ultimately prove: when mainstream indices are still measuring digital civilization with the yardstick of the industrial age, MSTR has long stood at the starting line of the next bull market. The current panic is merely a discount ticket for smart money to enter.

$SOL $BNB $BTC