Jason’s take this time is no-nonsense and down-to-earth: periodic sell pressure layered on top of macro liquidity contraction means the bear-market bottom still needs to wait for an FTX-level event of despair.

Author | Wu Talks Blockchain

In this episode of the Wu Talks Podcast, we invite NDV founder Jason Huang to discuss recent Bitcoin declines, the MicroStrategy coin-selling incident, macro market risks, and opportunities in the crypto industry. Jason believes that the first half of this round of crypto downturn was mainly driven by inertial sell pressure from Bitcoin’s four-year cycle, and that in the recent period, factors such as a pullback in the U.S. stock market, liquidity contraction, and MicroStrategy debt pressure have begun to compound the move. He judges that the market has not truly bottomed out yet; bear-market bottoms often require “signature” events on a par with a collapse-level incident such as FTX, which trigger widespread despair and a situation where no one is discussing it.

On investment strategy, Jason says that his second-phase fund has generated returns of about twenty-plus percentage points this year. In addition to crypto assets, he also takes part in trading commodities such as oil, gold, and silver. He remains cautious about AI stocks, saying that although he is a heavy AI user, he lacks a trading edge; meanwhile, he is also concerned about the U.S. stock market, semiconductors, and