The reason for last night's decline may involve stagnation factors: the Trump company's stock circuit breaker, previous support rates, the 'must-fall curse' of the summit, or a technical adjustment. However, overall, Bitcoin ETFs continue to see inflows, while Ethereum ETFs are breaking through. The Mentougou address has just turned into 500 pieces, with 44,900 pieces remaining.

In yesterday's conversation, CZ's view on the bull market was quite ambiguous. He mentioned that the cycle of Bitcoin's bull market every four years is fixed: 12 years is a recovery year, 13 years the bull market starts, 16 years recovery, 17 years a great leap, 20 years another recovery, 21 years an exciting bull market, and now it is the recovery of 24 years. As for what will happen in 25 years, he said he is not aware, but all data continues to increase.

As for the real reason for the decline, only the speculators know. They usually provide explanations that retail investors are willing to accept to alleviate market panic. The most effective data analysis should focus on whether the speculators are continuously buying, as well as the buying situation of long and short positions. When the market rises too much, it often triggers an explosion of long positions, and once long positions accumulate to a certain extent, there will be better upward space, and then it will be the moment for short positions to explode.