#加密货币市场趋势 Looking back, the volatility of the cryptocurrency market always evokes a lot of feelings. This time, Deutsche Bank has given 5 reasons for Bitcoin's plunge, which reminds me of the experiences from previous bull and bear cycles.

The spread of risk-off sentiment in the market and the simultaneous decline of Bitcoin and tech stocks was something we saw during the 2018 bear market. Back then, we naively thought Bitcoin could be a safe haven asset, only to find out it was more like a risk asset.

The Fed's hawkish signals are also not affecting the market for the first time. I remember at the end of 2017, Yellen's comments on rate hikes triggered a correction. However, the market rebounded quickly that time. Now, it seems the market has become more sensitive.

The stagnation of the legislative process is indeed worrisome. Back in 2013-2014, unclear regulations led to the collapse of many exchanges, which dealt a heavy blow to the industry. Hopefully, we won't repeat the same mistake this time.

The flow of institutional funds has always been a key focus for us. Institutional entry in 2020 drove the bull market, so their exit now is not unexpected. This reminds us not to rely too heavily on any single group.

Long-term holders taking profits is also a common phenomenon. In every bull market, there are always early investors who choose to exit. The key is to observe whether new long-term holders are forming.

Looking back at these factors, it's not hard to see that history always repeats itself. But with each cycle, there are new changes in the market. What we need to do is learn from these cyclical changes and be prepared for the next round. After all, in this industry, opportunities always favor those who are prepared.