#加密市场回调 Bitcoin just breached the $90,000 barrier for the first time in nearly 7 months. Looking back to October this year, BTC reached a historic peak of $126,000, but now? Almost the entire year's gains have been wiped out.

Who is the main culprit behind this plunge?

The Federal Reserve. More precisely, the market’s expectation of a rate cut in December has completely cooled down. Previously, everyone was waiting for liquidity easing, now the probability has been cut to around 50%—catching many longs betting on loose monetary policy off guard. High-risk assets are starting to be sold off, and some institutions are even warning: if sentiment continues to collapse, we might see $80,000 to $85,000.

What should retail investors do now?

First, don’t think about catching the bottom in one go. Market sentiment is too volatile, guessing the bottom is like catching a flying knife. Gradually building positions or dollar-cost averaging is the right approach.

Second, use idle funds! Absolutely avoid borrowing money or using high leverage. Over the past day, more than 280,000 people have been liquidated, and longs alone evaporated $1.2 billion. These figures are harsh lessons learned the hard way.

The third and most crucial point: stay calm. Markets have cycles; ups and downs are normal. Holding cash and waiting for high-probability opportunities is far wiser than chasing gains or panic selling.

What is my personal view? In the short term, the market is indeed digesting negative expectations, but in the longer term, the underlying logic of core assets remains unchanged. When others panic, that’s precisely when we should test our rationality. Manage your positions well, and when the market recovers, opportunities will come naturally.

Remember: survival is more important than anything.