When that SEC incident came out, the group chat blew up immediately. My first reaction was—here we go again? This time, surely they won’t really crash BTC.

As it turned out, the order book just shook for a moment, and then everyone went on with what they were doing.

Back then, I really did get psychological trauma from news like this. The moment I saw the SEC, I instinctively wanted to run. But this time was different. It probably took about half an hour for the market to go from panic to calm. After the trading volume dropped, it was actually when some people started to pick up the chips.

At that moment, the hand I’d been hovering also paused on my screen for a second—I didn’t move it.

Thinking back, it’s actually like this every time regulators clear things out. Emotion is the least valuable thing, yet people are somehow the most willing to pay for it.

After that wave of panic orders left the market, the price gradually stabilized back into the original range. No stampede, no loss of control, and even on-chain activity didn’t drop much.

I didn’t have orders in there, but I kept watching how positions changed. It was pretty interesting—contract open interest didn’t fall sharply; instead, after the panic ended, it slowly rebounded.

This suggests that some people think this means the bad news is already out, while others are just using this volatility to adjust their positions.

What I see is this: whether it’s good news or bad news doesn’t matter as much. What matters is when other people get panicked, and when they get greedy.

Some people see events like this and cut their losses to run away. Others, however, wait for the panic selling to smash out positions before stepping in to pick them up.

So what about you—this time, did you follow the SEC news and run, or did you hold steady in front of your screen?

STRC de-anchoring response: net reserves lead by $48 billion. In this line—earlier, Strategy founder Saylor also responded to the STRC de-anchoring event: The company’s combined BTC reserves and dollar holdings exceed all of its total debts by about $48 billion.

It has already raised more than $60 billion in funding to increase its BTC holdings. And that “main line” — the unrealized loss and the pressure from being trapped in this wave — is actually the same risk appetite transmission. You can’t just treat it like a headline.

If this main line is only riding the hype, without adding trading volume or taking on positions, then $BTC/$ETH might not necessarily fall first. But altcoins, liquidity, and liquidations on the contract side are more likely to be amplified first.
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