#比特币价格波动 During the October crash, I saw too many people shouting in groups "Crypto is over" and "Sell everything," only to regret it two months later with tears in their eyes. Honestly, that decline was indeed brutal—1.64 million liquidations, Bitcoin dropping from 125,000 to 85,000, and a market cap evaporating by $1.1 trillion. But this is exactly what I want to remind everyone: **Distinguish between a true fundamental collapse and a microstructure tremor in the market; this determines whether you'll become a bagholder**.

What was the essence of October? It was a chain liquidation caused by leveraged greed using illiquid collateral, not a problem with Bitcoin itself. Looking back now, the signals are all in front of us—resumption of spot ETF inflows, growth in stablecoin market cap, and companies aggressively accumulating Bitcoin via ATM-style purchases. All these point to the same story: institutions are not panicking and selling off; instead, they are seizing the opportunity to accumulate.

I've stepped into enough pits to know the biggest lesson: **Don’t let the fear from three months ago dictate your decisions**. While pessimists are licking their wounds, the data has already pointed to the next wave. Recognize this, and only those who can withstand volatility will survive longer.