The differences between May 19, 2021, and the present (2025) are numerous:

In 2021, first, it was at the end phase of a frenzied bull market cycle, with altcoins experiencing significant gains, leading to deeper subsequent declines;

Second, it was affected by a one-size-fits-all policy from the government;

Third, Bitcoin holdings were dispersed, with a majority held by retail investors, and there were no ETFs at that time, with Wall Street institutions participating very little.

The situation in 2025 is entirely different; if Bitcoin were to halve, it would essentially be giving away chips, so at most, it would just create some panic today.

Moreover, today’s market movement is also related to the U.S. Treasury Secretary's statement that "failure to negotiate will restore reciprocal tariffs," linking to Trump’s previous comments about "new tariffs," which has triggered some panic. The Nasdaq dropped throughout the morning, and the U.S. stock market is expected to decline when it opens tonight.

Overall, the Ethereum trend is relatively weak, breaking below the normal oscillation channel, but it feels like market manipulators are intentionally creating panic for domestic investors, and perhaps things will stabilize after tonight.