Regarding the sharp drop in the early hours of October 26th Beijing time, there are claims that USDT was sanctioned (the Wall Street Journal personally stirred up old rumors), and others say it was due to Israel's attack on Iran (the timing matches, but the impact does not), as well as various other FUD voices.

All of this seems more like buildup before a surge.

Over the years, we should be accustomed to the importance of judging the fundamental trends. Unless it's a black swan event on the level of a (fake) pandemic, general disruptive factors are minor ripples, secondary. Major fundamentals like halving, interest rate cuts, and ETFs are decisive.

Fake news from the media and statements made by large institutions for their own interests may sometimes create short-term effects, such as severe fluctuations for one or two quarters, but we must not forget the larger direction.

Similarly, various financial markets have long been battlegrounds of unrestricted warfare, where powerful news creators (like shareholder meetings, regulatory bodies, and insider trading) can produce completely opposite guiding narratives for profit. We must keep our eyes wide open.