#以太坊持仓与走势 When I saw this message, the first thought that flashed through my mind was—here we go again.

2025 is about to pass, and the anticipation brought by the early-year "Trump rally" has been shattered by market reality. Bitcoin has retraced from its all-time high of $126,000, and Ethereum dropped nearly 40% in mid-October. The market has seen a $1 trillion wipeout in market cap and a single-day liquidation record of $19 billion—these numbers are staggering, but for those who have experienced multiple cycles, it's just a familiar story playing out again.

Tariff hikes, macro tightening, leverage de-leveraging—these factors stack up and are enough to destroy any rally built on optimistic expectations. I think back to the madness of 2017, the boom of 2021, and today’s pullback—each time, someone says this time is different, but the market’s ultimate answer is always so cruel and规律.

But what’s truly worth pondering is another level. Although short-term prices are retracing, the pace of institutional capital entering the market has not slowed down. The voices of giants like BlackRock and Coinbase are clear—cryptocurrencies are moving from the gray area into the mainstream. This long-term institutional recognition and short-term price volatility are never a straight line.

Perhaps what looks like a "winter" now is more like a necessary shakeout from a four-year cycle perspective. After experiencing enough repetitions of history, one can understand—every major dip is accumulating energy for the next round. The key is to have enough patience and clarity, avoiding panic exits and not leveraging in illusions.