Grayscale can't break faith, Mentougou can't break faith, and the German government can't break faith either...

The market panics and loses faith in the bull market or even in the cryptocurrency circle. That's when the panic is greatest. And the only one who can break this faith is probably the cryptocurrency circle itself:

At the end of 2018, in order to compete for the name BCH, two major forces in the k industry smashed the market to compete for computing power... It makes people feel that the so-called blockchain, cryptocurrency, fork... It seems like a farce.

In mid-2022, Luna, which ranks in the top 10 in market value and is invested and endorsed by a large number of institutions, collapsed... It makes people feel that institutions are nothing more than that.

At the end of 2022, FTX, the world's second largest exchange, which has a large amount of institutional investment and deposits, went bankrupt... It makes people feel that large exchanges are also unreliable.

Funds can't break the bottom, but emotions can.

➤ Funds determine the top

On the contrary, the bull top often appears in a loose monetary environment.

In 2024, BTC broke through the previous high. However, without the favorable macro environment, the market is nothing more than that. On the one hand, the height of BTC is almost the same as the previous high. On the other hand, there is no copycat season.

Emotions cannot buy out the top, only funds can!

Of course, funds and emotions affect each other, and they cannot be separated and generalized.

There are two conclusions here:

First, the impact of the German government's selling on emotions has basically passed.

Second, the so-called bull market that is separated from the macro-easing environment may only be a small bull, at most a medium bull, and the big bull has not yet come.