#比特币价格走势 Bitcoin has retraced 30% from its high, and this wave of market movement is indeed interesting. On the surface, it appears to be a bearish signal, but a closer look at the capital flow reveals that mechanisms like tax-loss harvesting are quietly changing the market structure—some institutional investors are selling off unrealized losses before the year-end to hedge against stock gains, which is essentially a form of passive selling pressure.

The key point is that this selling pressure is often time-sensitive. Once the tax window closes at the end of the year, this forced selling will diminish. Moreover, considering that Bitcoin has only fallen 5% this year while the S&P 500 has risen 18%, this divergence itself indicates that some investors will reallocate into cryptocurrencies on dips.

From a follow-trade perspective, this is actually a good observation period—those traders who decisively cut losses at high levels, and the experts who insist on dollar-cost averaging at the bottom, their performance comparisons will be particularly revealing. Recently, I’ve been analyzing the holdings movements of two types of traders: one with high risk appetite who dares to add positions against the trend, and another who is conservative and steady, sticking to phased entries.

Short-term fluctuations shouldn’t be overreacted to, but don’t naïvely think this is the bottom either. Wait and see—true opportunities often quietly emerge when most people are numb.