#比特币价格走势 Seeing this wave of correction, I can't help but think of the major cycle in 2017. Back then, it was similar—Bitcoin first dropped from its high, followed by various derivatives and leverage tools bleeding out. Those once-glamorous stories—like mining companies, fund firms, and arbitrage strategies—exposed their true nature when the macro environment shifted.

Today’s scene feels familiar. Bitcoin has fallen 36% from its October high of $126,223. That’s not extreme, but enough to shock those who bet with leverage. Even more interesting are the "Bitcoin vault companies" and followers, which experienced even sharper declines—the Strategy dropped 54% from its high. What does this indicate? It shows that the market is punishing those who complicate simple stories and turn underlying assets into high-leverage bets.

The pain of mining companies shifting toward AI data centers is also worth noting. Companies like IREN and CleanSpark once benefited from the "crypto + AI" dual-theme hype, but once macro conditions tighten and financing costs rise, high debt becomes deadly. This is a lesson from history—any prosperity must be supported by fundamentals; leverage and stories will ultimately need to land.

The truly important change lies in investor sentiment shifting. Strategies that actively manage risk are beginning to gain attention, which is not a bad thing—on the contrary, it shows maturity. Multiple participation paths exist, but the risk exposure of different tools varies greatly. Knowing what you are using is more valuable than blindly chasing the rally. Cycles repeat, and each time, some learn while others pay tuition again.