#数字货币市场回调 The market has experienced a big dump these past two days, and the community has started to play out the classic script again—yesterday they were still shouting "bull run perpetual motion machine," and today they are hastily asking "is it time for a Rug Pull?"

In fact, this round of correction is essentially a breather after a rapid surge. Bitcoin has just reached a new high, and then there was a sharp pullback, with Ethereum and a host of altcoins collectively diving. A significant portion of market value evaporated in a short time, and leveraged long positions were swept out in batches, causing market sentiment to instantly shift from euphoria to defensive mode.

There are several layers of logic behind the pullback. On a macro level, global risk assets are not doing well, and funds are shrinking towards safer places; on a technical level, it's more straightforward—there was too much of a surge earlier, the overbought signal is already maxed out, and some institutions simply cashed out at high positions, conveniently completing a round of washout. The most lethal factor is the leverage in the contract market, which usually appears calm, but once the price turns, it leads to a chain reaction of selling, and the decline is instantly amplified.

For retail investors, the real question to consider isn't "why is it falling," but "which side should I be on." If you were already positioned for the long term and your holdings are still healthy, this kind of 10%-30% fluctuation is mostly just a technical adjustment during a bull run. However, if you're fully invested, chasing every rise and fall, then each correction could directly send you back home.

Remember this: a pullback is never the end of a bull market, but rather a process of chips circulating among different hands. Whether you can maintain your mindset during a consolidation period, and whether to increase or decrease your positions, is far more useful than staring blankly at the K-line.

The above is only my personal opinion and does not constitute any investment advice.