Without the Federal Reserve easing policy and without new liquidity entering the market, there’s only existing positions getting chopped up against each other. Strategy used to be a faith anchor; now it’s slowly transforming into a pressure anchor. What’s truly frightening isn’t a sudden crash—it’s going sideways for years, grinding everyone’s patience down bit by bit. I don’t know why things have become this pessimistic at this stage. The BTC in my positions is still just lying there—neither appetizing to hold nor worth giving up. What I can predict now is continuous oscillation with upward “needle” moves; the final outcome is that it will eventually head lower and fall. At least from the chart, there hasn’t been that stretch of accelerated selloff yet—but don’t blindly chase shorts. If there’s a bounce, just short it. This is the underlying logic behind the decline. Study more cycles and find more patterns.