#加密货币市场情绪 Looking back at the past decade-plus of the cryptocurrency market, volatility has always been our old friend. The recent market movements remind me of the ups and downs of those years. Seeing Bitwise advisor Jeff Park’s analysis brings to mind the frenzy at the end of 2017. At that time, the market was also full of expectations for a rapid rebound, with volatility remaining high. But history tells us that high volatility often means both risks and opportunities coexist.

Tom Lee’s interpretation of the October 11 crash made me ponder even more. Isn’t this a repeat of the 2008 financial crisis? Back then, it was the subprime crisis that triggered the domino effect, and now, it’s a chain reaction caused by code vulnerabilities. From CDOs to ADLs, financial innovation always seems to repeat similar mistakes. But what’s encouraging is that the crypto market seems to learn from its mistakes more quickly.

Over these years, I’ve witnessed too many projects rise and fall. Successful cases are inspiring, while lessons from failures are even more thought-provoking. Looking back at the industry’s development cycles, it’s not hard to spot a pattern: after every crisis, more robust and refined systems emerge. From Mt. Gox to FTX, from the ICO bubble to DeFi Summer, each test has made the industry more mature.

The current market sentiment swings are just another microcosm of this cycle. By comparing with history, perhaps we can glimpse future trends. Whether it’s a rapid rebound or prolonged stagnation, staying rational and managing risk will always be the unchanging truth. After all, in this ever-changing market, only prudence will win in the end.