Bitcoin has fallen from $126,000 to the current $90,000, a 28.57% crash.

Market panic, liquidity shortages, and deleveraging pressures are making everyone breathless. Coinglass data shows that the fourth quarter experienced significant forced liquidation events, greatly weakening market liquidity.

But at the same time, some structural positive developments are converging: the U.S. SEC is about to introduce the "Innovation Exemption" rule, expectations for the Federal Reserve entering a rate cut cycle are becoming stronger, and global institutional channels are rapidly maturing.

This is the biggest contradiction in the current market: it looks bleak in the short term but seems very promising in the long term.