My core logic for recently buying Bitcoin is actually very simple—following American investors' tax-loss harvesting operations.

To put it plainly, the cryptocurrency market has experienced a significant correction this year. This directly led to what? At the end of last year, a large number of American investors began to sell off their crypto assets to lock in losses and offset taxable gains for the year. This kind of operation is very common in the US, especially during the year-end tax season.

But the logic is not that simple. This wave of concentrated selling by American investors also to some extent explains why the crypto market significantly underperformed US stocks at the end of last year. During that period, there was indeed considerable selling pressure on crypto assets, and market sentiment was quite subdued.

However, the situation is different now. The US tax-loss harvesting cycle has passed, which means this kind of selling pressure may gradually ease. Therefore, buying Bitcoin on dips essentially bets that this passive selling wave is about to end.