Why do I answer people around me like this?

Someone asked me: Bitcoin dropped from 120,000 to 70,000, what do you think?

I said: Finally, I don’t have to pretend anymore. This is the most honest moment for Bitcoin.

When they print money, they say it’s to hedge inflation.
When ETFs get approved, they say it’s institutional recognition.
During a crash, they say it’s a risk asset.

Has the narrative collapsed? Good.

Many people argue every day: Is Bitcoin a safe haven or a risk asset?
Some cite data: When US stocks fall, Bitcoin falls too—pure risk asset.
Some use historical examples: During the pandemic and Russia-Ukraine conflicts, it rose—obviously a safe haven.
Institutions come out to smooth things over: It’s an alternative asset that can diversify risk...

But I tell you, this debate itself is a false proposition.

The biggest problem with Bitcoin now isn’t “what it is,”
but that the market no longer knows what story to use to price it.
The narratives that once hyped BTC to the sky have one after another collapsed.
And perhaps, that’s the healthiest sign of this round of crash.

January 29th was very typical:
US stocks plummeted, safe-haven sentiment rose, and if Bitcoin is digital gold, it should have stabilized.
The Federal Reserve hawks, risk assets should fall, and BTC should fall too.

But what happened?
It chose to crash outright under two completely opposite logics.
When stocks fall, it falls with them—as a risk asset;
When the Fed hawks, it also falls—as a risk asset;
Gold rises, it doesn’t—unlike a safe haven.

After ETF approval, BTC’s correlation with the S&P 500 hit maximum, moving basically in sync.
It’s just a:
“Risk asset” that falls with stocks,
and a “risk asset” that falls even earlier than stocks.

Isn’t that a sign of mental split personality?

From 126,273 in October to now 70,370,
a nearly 45% drop, market cap from $2.5 trillion to $1.4 trillion.
Some call it a death spiral, and “The Big Short” archetype says it’s a self-reinforcing collapse.

It looks terrible, but I’d say:
This is the most authentic moment for BTC.

Over the years, BTC has been forcibly wrapped in three layers:

1. 2017–2020: The anti-government currency of crypto punks
Too niche to support a trillion-dollar market cap.

2. 2020–2023: Wall Street’s digital gold
Result: US inflation skyrocketed, BTC plunged 60%, gold remained steady.
The narrative, collapsed.

3. 2024–2025: Nasdaq-style tech growth stocks
ETF approval, follows tech stocks.
Tech stocks pull back, and it drops harder than anyone.
The narrative, collapsed again.

Now BTC is in an awkward position: no story to tell.

But I think, this is actually a good thing.

First, those misled by false narratives have finally left.
Institutions and retail investors who called it inflation hedge or tech stock hype—liquidate, exit, or get wiped out.
What remains are the true believers or those who’ve accepted the gamble.

Second, without a narrative, it’s closer to its essence.
BTC has no cash flow, no dividends, no profits—
its value entirely depends on: how much the next person is willing to pay.
It’s purely a consensus game.

In the past, with narratives, you could pretend to be a rational investor;
Now, with no narrative, you have to admit: it’s gambling.
Gambling on whether people still believe.

Third, this isn’t the first, and it won’t be the last.
2018 and 2022 both saw worse crashes, both said the narrative was dead,
and yet it came back.
Not because it found a standard answer,
but because some people, regardless of what it is, just accept it.

Back to the question: What exactly is BTC?

The market isn’t an exam room; assets don’t need a standard answer.
In 2021, printing money, it was inflation hedge;
In 2024, ETF approval, it’s institutional recognition;
In 2026, crashes, it’s a risk asset.

This isn’t a problem with BTC,
it’s that we’re too eager to slap labels on it.

BTC is just BTC.
When it goes up, you’re happy; when it falls, you’re upset—that’s enough.

Those who spend every day studying “what it is,”
the real question they’re asking is:
Can I find a reason to believe it will go up again?

But if you need a reason to believe, then you already don’t believe.

Finally, a word:
Those who hype it as “digital gold,” “inflation hedge,” or “institutional entry”—shut up.
What’s left are not smarter, just that they don’t need a story.

Screw the narratives.
Make money when it rises, hold when it falls, or run.
That’s the most authentic look of the crypto market.

At least, it’s more honest than those pretending to have a standard answer.