The 50% drop in 2022 was triggered by the Terra/LUNA collapse, 3AC's liquidation, and FTX's blowup — a chain of explosions, each forcing sell-offs, stacking passive sell pressure on top of passive sell pressure.


This time is different. No major counterparty has collapsed yet; Strategy holds over 580,000 BTC without facing a liquidity crisis, and ETF redemptions have been orderly. This is institutional de-risking, not forced liquidation — ETF redemptions, basis trade unwinding, and capital rotation into AI stocks are the main sources of selling pressure. Retail panic is a follower, not the trigger.

#gStocks代币化股票上线
LUNA-2.35%
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chichipipi
· 5h ago
2026—May your ambitions soar and your plans prosper; may money and rabbits usher in good fortune, peace and joy, and may all your wishes come true.
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Furuixianghe
· 5h ago
2026 Great plans ahead Wishing you prosperity like “golden rabbits” and bountiful wealth Peace, joy, and well-being May everything go as you wish May all your dreams come true
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