#Gate广场圣诞送温暖 Recently, the crypto market has fallen sharply, with Bitcoin dropping below 90,000 USD. Alliance DAO co-founder QwQiao warned in September that the market might need to fall another 50% before it can form a solid foundation to re-enter a super bull run cycle.

The podcast features an interview with Jason Huang, founding partner of NextGen Digital Venture (NDV), recently conducted by Tiger Brokers. This conversation revolves around the significant milestone of Bitcoin recently falling below $90,000. From an institutional perspective, Jason analyzes the long-term logic of Bitcoin as an asset class, the triggers for short-term corrections, and the emotional games in the market. The discussion covers the impact of ETFs on asset properties, the interplay between macro factors (such as liquidity, interest rate cut expectations, Trump policies) and technical indicators (like death crosses and leveraged liquidations), explores the relationship between crypto assets and traditional assets like gold and the Nasdaq, and shares institutional strategies for asset rotation, hedging, and position management.

The NDV Phase I Fund (from March 2023 to February 2025) operates within a compliance framework, achieving a cumulative return of approximately 275.5%, and has completed an orderly liquidation; during the same period, Bitcoin gained positive excess returns. In an interview on September 1, Jason warned that the market might experience a correction of 30% to 50%.