#比特币宏观表现 Q4 dropped over 22%, creating the worst quarter since 2018—what does this data tell us? The rebound to $90,000 looks impressive on the surface, but a closer examination reveals the truth: this is a technical correction, not a real return of capital.

I've been reviewing the performance of several copy trading accounts recently, and I've noticed a phenomenon: most traders who chased higher during this rebound are accepting "false signals." The news certainly is hyping sentiment improvement, but market liquidity remains tight, with frequent pullbacks appearing during US trading hours—this itself tells us that institutions are still probing for the bottom, making the risk of retail investors chasing highs extremely high.

Seasonal strength cycles appear fragile in the face of macroeconomic uncertainty. Historical examples of significant drawdowns at year-end are right in front of us—why miss out just to chase a wave that could result in losses?

The current strategy logic looks like this: if you're mirroring Bitcoin-related traders, you need to check whether they've adjusted their position management—whether they're reducing positions at this high or continuing to add. I tend to select traders who maintain caution, actively reduce leverage, or even partially take profits. This style may have limited short-term returns, but being able to survive through such uncertain periods to the next opportunity itself represents the greatest gain.

Don't overlook the detail of being below year-beginning levels—it indicates that all the turmoil of Q4 ultimately still moved downward. In a high-volatility risk environment, either don't move, or move more cautiously than others.