#加密货币市场波动分析 Looking back, it’s truly sigh-inducing. This wave of sell-offs by crypto treasury companies reminds me of the ICO boom at the end of 2017. Back then, everything seemed prosperous, and everyone thought they’d found the secret to wealth. Unfortunately, the good times didn’t last—the subsequent bear market turned many projects into nothing but bubbles.

Now, it seems history is repeating itself. Whales like Strategy Company hold massive amounts of Bitcoin, hoping to capture the bull market’s dividends. Who would have thought the market would turn so abruptly, with stock prices plunging 50%, even falling below the value of their Bitcoin holdings? This type of business model that relies on the rise of cryptocurrencies is ultimately unsustainable.

When the ICO bubble burst, I warned against over-reliance on a single asset. Looking back, it seems that lesson has been forgotten. The market is always cyclical, with prosperity and depression alternating. Staying cautious during bull markets and seeking opportunities during bear markets may be the only long-term strategy.

Still, every crisis breeds new opportunities. After the cold winter of 2018, many quality projects emerged. Perhaps after this wave of sell-offs, truly valuable projects will eventually gain a foothold. As industry veterans, we should remain calm, learn from these lessons, and prepare for the next cycle. After all, in this ever-changing field, only continuous learning and adaptation can keep us undefeated.