#数字货币市场回调 The recent sharp fall in the market is actually just a necessary breather after a rapid rise. Bitcoin hit a new high and then plunged downwards, dragging Ethereum and those altcoins down with it, causing a significant evaporation of market capitalization. The contract leverage exploded chaotically, and market sentiment switched directly from "All in" to "survival first" mode.

There are three layers of logic behind this adjustment: the first layer is that the overall environment is unfriendly, and global risk assets are being hit, with funds withdrawing from high-risk sectors; the second layer is that the technical indicators have indeed risen too much, with the previous surge being too strong, and institutions taking profits at high points, inadvertently giving the market a "forced break"; the third and most deadly layer is that too much leverage has accumulated in the contract market, and when the price turns, it is like knocking down a row of dominoes, leading to a chain liquidation that amplifies the decline.

For retail investors, the real question to think about is not "why is it falling", but rather "what should I do". If you are already positioned for the long term and can control your exposure, a 10% to 30% pullback is likely just a minor episode in the middle of a bull market; however, if you are fully invested chasing highs and frequently engaging in short-term trades, each adjustment could directly revert your account back to its original state.

A pullback is never the end of a bull market; it simply allows chips to flow from the hands of the panic-stricken to those who are steadier. Being able to resist temptation during fluctuations and rationalize your positions is much more useful than just watching the K-line jump up and down.

The above is just a personal review and does not constitute investment advice.