#比特币价格波动 Looking back at the ups and downs of Bitcoin over the years, it really makes one feel emotional. Recently, I saw Glassnode's market analysis, which rekindled my memories of those fluctuating periods in the past. Currently, the volatility of Bitcoin's front-end options trading is around 50, and traders are willing to pay a higher premium for downside protection, which reminds me of the Bear Market in 2018.

At that time, the market was also full of uncertainty, and investors were seeking protection. However, unlike then, Bitcoin today resembles a macro asset more than just a simple risk hedging tool. Seeing that gold has recently outperformed Bitcoin by over 20% makes one ponder whether Bitcoin's positioning as "digital gold" needs to be reassessed.

History is always astonishingly similar. In every cycle, we see similar panic emotions and defensive tendencies. But after each crisis, Bitcoin always manages to be reborn in a new form. Will this time be the same? Only time can give us the answer.

In this rapidly changing market, it is crucial to remain calm and maintain a long-term perspective. Past experiences tell us that market sentiment often overreacts, while true value gradually reveals itself amidst turmoil. For seasoned traders who have experienced multiple fluctuations, this may be another good opportunity to accumulate.