The current cryptocurrency market seems to be on an 'emotional roller coaster': On March 2, Teco announced that Brazil would create a strategic reserve for cryptocurrency, specifically naming Bitcoin and Ethereum as core assets, causing the market to surge by 10%, with market capitalization skyrocketing by over $300 billion. However, just 24 hours later, the global cryptocurrency market cap plummeted by 9.67%, with Bitcoin falling back to $86,000 and Ethereum dropping below $2,200. Behind this 'policy-driven revelry and panic' is the market's sensitivity to macro risks and extreme speculative emotions.

Pullback Logic: Who is 'hitting the brakes'?
'Verbal Magic' and Policy Bubble: Teco's 'strategic reserve' plan seems positive, but in reality, it lacks detailed support. After a short-term 'high' surge, the market will inevitably face a wake-up moment. The options trading data showing institutions reducing holdings at high prices has already revealed the withdrawal signal of this 'smart money'.
US Stock Drag and AI Narrative Collapse: The heavy sell-off of AI stocks triggered by Deepseek has affected the cryptocurrency market, as the valuation adjustment of tech giants caused a decline in risk assets in tandem. Ironically, Bitcoin was once touted as 'digital gold' to hedge traditional financial risks, but now it is sinking alongside the US tech sector.
Leverage Liquidation and FOMO Aftermath: Coinbase data shows that Bitcoin soared from $85,000 to $95,000 in just a few hours, with a large number of leveraged long positions being forcibly liquidated during the pullback, creating a 'long liquidation' chain reaction.

Survival Guide
In the face of such a market where 'a word from the policy causes the K-line to jump', investors are advised:
Don't treat Teco as a 'signal broadcaster': The gentleman's tweets may be more stimulating than Musk's, but if the 'strategic reserve' in the cryptocurrency market is just an electoral chip, your wallet might be emptied sooner than the White House.
Learn from institutions' 'bad boy strategy': While shouting 'long-term holding', they lock in profits using snowball options. This is the correct posture for a volatile market.

Remember 'FOMO will be late but won't be absent': When even Teco Coin can face liquidation, what narrative cannot collapse? It’s better to treat each pullback as 'material for memes'; after all, in the crypto world, staying alive is the only qualification to witness the next wave of madness.
In summary, this pullback is both a macro stress test and the market's immune response to 'Twitter governance'. If you still firmly believe that 'bull markets are born in pessimism', you might want to thank Teco for providing the opportunity to buy at a discount—provided you can tell the difference between 'strategic reserve' and 'strategic deception'.

#加密市场回调