#比特币价格波动 Seeing Bloomberg's assessment, it reminded me of some viewpoints and debates from about a year ago. The logic that the positive factors McGlone mentioned have been realized and expectations fully digested is not foolproof, but the risk-reward structure change he pointed out is indeed worth paying attention to—this relates to how to adjust follow-trade strategies.

In simple terms, when the market shifts from being driven by incremental expectations to a battle over existing positions, traders' styles will diverge. Those who rely on trends may need to adjust their position management, while swing traders might actually find opportunities. Recently, I’ve been re-evaluating the historical performance of several big influencers in the follow-trade pool: those who achieved handsome gains before expectations were realized now need to see how they handle the increasingly volatile situation.

Instead of obsessing over whether Bitcoin will drop to 10,000 or go higher, ask yourself—can the trader you follow still maintain their original stability in a market where risk-reward dynamics have changed? That’s the real question of whether to continue following and how much. Sometimes, the best stop-loss is to adjust your position promptly when the logic changes.