I saw someone blaming the reason for this round of $BTC fall on the BCH group being seized of 120,000 BTC by the US government, so the myth of BTC Decentralization has been shattered, and therefore the big dump is expected to drop to zero.

It really made me laugh, speaking as if they understand Bitcoin so well. If Bitcoin really collapsed because it "can't be used for gray and black markets," then it would have been done for when Silk Road was shut down a few years ago. The U.S., Germany, and the UK had all seized a bunch of Bitcoin at that time, and what happened? The price just kept rising. The Chen Zhi incident wasn't a negative impact on the industry; it was just an insider's betrayal.
The real reason for this round of fall is very simple: nobody is buying. The buy orders on the order book are almost empty, which is a typical liquidity exhaustion. The dollars in the entire market are decreasing, and institutions are starting to pull back cash, selling assets to recover funds. Just look at the recent news, Amazon and Meta have actually started issuing bonds to fund AI, a move that hasn't been seen in three years, indicating that their own cash flow can no longer sustain the burning rate of AI. Meta has been questioned by the capital market because of this, and its stock price has almost given back the gains of the entire year. Leading tech companies are running low on cash, how can the market not be alert?
Moreover, the big dump on October 11 shattered the emotions of the entire crypto market, and it has not fully recovered since then. The reduction in expectations for the Federal Reserve to cut interest rates and Bitcoin's four-year cycle are all contributing factors, but none of them are decisive.
This round of fall has nothing to do with the so-called black industry; the selling pressure mainly comes from Bitcoin ETF (especially iBIT). Some people say "Bitcoin is a safe-haven asset," which is even more ridiculous. Bitcoin is essentially a reserve asset, an inflation hedging tool, but it has never been a safe haven. A safe haven is where funds rush in when there is fear; Bitcoin's rise and fall are based on USD liquidity - when there is more USD, it rises, when USD tightens, it falls, in simple terms, it is just a reservoir for USD.
As long as there is enough money in the market and the buying pressure is strong, who can smash a big buy order of 100,000? The shorts have to finish eating the 10,000 coins first. So don't pull this round of market into something like "the black market can't launder money"; that's just an outsider's imagination.