#比特币市场动态 Seeing the Metaplanet case brings up some complex feelings. A drop from 1781 yen to 398 yen, a 77% fall, this number itself tells a complete story.

Do you remember the wave of institutional entry in 2020, starting with MicroStrategy, where a bunch of publicly traded companies began to write Bitcoin into their balance sheets, as if this had become the standard configuration of the new era? Metaplanet, as a pioneer in Japan, once stood at the forefront. However, there has been no increase in holdings since September 30, and this pause itself is quite intriguing.

The contrast of history is very clear. When the bubble burst in 2017, I saw how many companies were trapped because they chased the highs, and then fell into a dilemma during the bear market: to cut losses or hold on. The price curve of Metaplanet is almost a replica of that history - first a period of rising filled with faith, followed by a brutal shrinkage period.

The real issue lies not with Bitcoin itself, but with the mismatch between the financial logic of publicly listed companies and market sentiment. When the decline in stock prices far exceeds the decline in Bitcoin prices, it actually reflects investors' loss of confidence in this "betting strategy." This is not a problem with Bitcoin, but rather an issue of leverage and expectations.

This lesson is actually quite a common one, yet it is often repeated by newcomers: not all financial instruments are suitable for all institutions, and not all cycles can be endured just by holding on. Timing, position, and mindset, all three are essential.