In April, the crypto world was awash in bleak green, and Bitcoin repeatedly broke key support levels. From range-bound swings at high levels to a one-way selloff, the bulls retreated step by step, suffering defeat one after another. In a high-interest-rate environment, amid regulatory uncertainty, and as institutions pulled back, multiple blows hit at once—countless people were deeply trapped in their positions. The once-believed wealth-creation myth has now left nothing but scattered wreckage.