Why is the current situation more dangerous than extreme fluctuations?
The current sideways market is far more lethal than severe volatility:
Long and short kill trap: Around $95,000, the futures market has accumulated the largest leverage positions in history. The exchange is like sitting on a powder keg—any sudden break in either direction could trigger a tsunami of liquidations worth billions of dollars.
Narrative vacuum crisis: The hype around Bitcoin ETFs has faded, the halving story has long been overdrawn, and new concepts like RWA and AI have yet to form a cohesive force. An encrypted market without new stories is like a soldier without ammunition.
