Recently, some interesting changes have occurred in the market. In this bull market, many investors are planning their Bitcoin (BTC) exit strategies earlier than ever, and some have already started to reduce their positions. Unlike in the past, it seems that everyone has learned lessons from the previous bull market and is paying more attention to risk management in advance.
MicroStrategy (MSTR)'s fundraising speed has far exceeded expectations. Originally planned to raise $42 billion over three years, the market viewed this target as quite aggressive, but in less than a year, Saylor has completed $14 billion in fundraising, which is astonishing progress.
Looking back at 2017, many investors missed out on higher returns due to premature profit-taking. At that time, it was often said, "Better to miss the tail end than to take risks," and as a result, the market rose far beyond expectations. By 2021, although everyone was full of anticipation for BTC to break $100,000, overly optimistic sentiment caused many to miss the chance to take profits in time.
This year, there seems to be a pervasive emotion akin to "Post-Traumatic Stress Disorder" (PTSD) in the market, with investors becoming more cautious, fearing they will miss the best exit opportunity again, and carefully operating based on the experiences from 2021.
This phenomenon reminds me of the "big and small year" pattern in college entrance examinations. Each year, a concentration of high-scoring candidates leads to a decline in applicants the following year, which may result in a drop in the cutoff score. Will this year's BTC market also experience a similar "big year" effect? The future market trends are worth paying attention to.
