$BTC Bitcoin has fallen from $125k to $63k, a 50% drop.

But CZ says this is already the best retracement in history.
On June 20th, Bitcoin's price hovered around $63,517, retracing about 50% from the previous all-time high of roughly $125k.
If you bought at the peak, your account is now halved.
But CZ said in an interview with Galaxy on June 20th: "This is much better than the 80% massive retracements that often occur in previous cycles."
What does that mean?
In past bull markets, Bitcoin often dropped more than 80% from high to low.
After the Luna collapse and FTX bankruptcy in 2022, Bitcoin once fell to $16k.
What about now?
Although halved, the price is still 4 to 5 times higher than four years ago.
In other words, the once-epic top has become the current support level.
On June 20th, the entire crypto market rose.
Bitcoin up 1.81%, Ethereum up 1.84%, Ripple up 2.21%, Dogecoin up 2.29%.
But rising doesn’t mean there’s no bloodshed.
CoinGlass data shows that over 60k traders were liquidated in the past 24 hours, totaling $134 million.
Among them, short positions liquidated for $89.35 million, long positions for $44.87 million—indicating this rally crushed the shorts.
This is crypto markets: both upward and downward moves can kill.
If you trade with leverage, correct direction can multiply your gains tenfold, wrong direction can wipe you out instantly.
What’s the biggest difference from four years ago?
CZ pointed out a key variable: the attitude of the U.S. government.
Four years ago, the U.S. launched a "war" on cryptocurrencies.
Now? The U.S. has taken the lead in establishing regulatory frameworks, with other countries following suit.
From "crackdown" to "regulation," from "illegal" to "compliant," this shift is not minor—it's a policy bottom.
Clear regulations encourage traditional capital to enter.
BlackRock is a prime example.
Their Bitcoin ETF fund IBIT manages $48 billion in assets and holds 765k BTC.
BlackRock’s U.S. stock ETF head Jay Jacobs shared an unconventional statistic:
75% of IBIT investors had never previously interacted with ETF products.
What does that mean?
Bitcoin ETFs aren’t stealing clients from traditional finance; they’re bringing crypto-native users into traditional markets.
These users buy ETFs for the first time via IBIT, then start allocating to S&P 500, gold funds, AI-themed funds.
BlackRock calls this "the great fusion"—the boundary between traditional finance and decentralized finance is dissolving.
But fusion doesn’t guarantee profits.
Bitcoin is now at $63,000, still half of its $125,000 high.
CZ says "better than before," not "bottomed out."
Institutions say "long-term optimistic," not "rising tomorrow."
The biggest feature of this market is volatility.
You can multiply tenfold, or go to zero.
Ordinary investors should think carefully before entering:
How much can you afford to lose?
How long do you plan to hold?
Are you using leverage?
Crypto isn’t a casino or an ATM.
It’s a high-risk, high-reward asset class, suitable for allocating a small portion of funds, not for gambling your life savings.
Where do you think Bitcoin will drop this time?
Or has it already reached a stage bottom?
The Conan community has been building for over a year.
Funding has entered, and the ecosystem is live.
Solana chain ending with xBQt.