#比特币价格走势 When I saw this risk warning, my first instinct was to dig out my dusty notebooks—December 5, 2013; September 4, 2017; and May and September 2021. Twelve years have passed, and these dates feel like milestones carved into my memory, each accompanied by sharp price swings.

This time really feels different. Looking back, the 2013 crash from $1130 to $755 was brutal, and then it went quiet for over two years. The ICO ban in 2017 was fierce, but within three months, the market rebounded, eventually reaching 19,665. The 2021 miner power outage seemed the most ruthless, yet by November of the same year, it hit a new high of 68,000. Each time, I thought it was truly the end, but the market kept proving me wrong.

But this time, the rhythm feels different. The once dominant force—domestic capital—has long since left the stage. Now, Wall Street ETFs and institutional holdings are the true price setters. The negative premium of USDT shows many are rushing to cash out and exit. Regulatory precision has also increased significantly; from broad trading bans to detailed restrictions on stablecoins, RWA, and other specific sectors, even promotional traffic is being controlled.

The pattern of history is clear: short-term policy shocks are indeed terrifying, but in the long run, they cannot stop the flow of global liquidity and consensus. However, this time, domestic incremental funds may really be unable to enter. The future story will no longer be solely told by the East, but shaped by a global tug-of-war among multiple forces. Where is the bottom? We might need to wait until the global sell-off sentiment is fully unleashed to see clearly.