I have a perspective that differs from everyone else.

In the past, whenever there was a conflict, Bitcoin would rise.
Now, whenever there is a conflict, Bitcoin falls.
Nothing has changed fundamentally, and the market remains the same market.
The core reasons are:

1. The cycle has shifted. We were previously in the early stage of a bull market; now, at best, we are in the late stage of a bull market, but I personally believe we are already in a bear market.

2. The players have changed. Before: retail investors dominated + bull market = war news = buying opportunities. Now: ETF institutions dominate + bull market = war news = risk avoidance.

Recognizing reality can truly help you lose less money—reducing capital investment, narrowing your investment scope. In the past, we benefited from ETF dividends, buying Grayscale, buying MicroStrategy, but now with institutions everywhere, we must accept the stability they bring, and even as prices decline, many institutions sell or other factors trigger more risks.

As long as institutions do not collapse, Bitcoin is likely to trend toward stability in the future, and opportunities will become increasingly scarce. If institutions do collapse, that’s a different story—I definitely hope for that, since I no longer hold any assets.

If the price drops low enough or offers good value, I won’t buy spot Bitcoin again. Trading based on USDT is enough for me. Holding cash, I believe that with my own trading approach, beating inflation shouldn’t be a problem. Risks and opportunities coexist. Keep going.