Bitcoin's volatility is also driven to a certain extent by holders who account for a large proportion of the total outstanding shares. For Bitcoin investors who currently hold more than 10 million U.S. dollars, it is not clear what they will do. Such a large position in liquidation became a Fiat position, but it did not seriously affect the market. In fact, how they will close a position of this size in a short period of time may not be clear, because the 24-hour withdrawal limit set by most cryptocurrency exchanges is far below this threshold.

Bitcoin has not yet reached the adoption rate of the mass market, which is necessary to provide option value to large Bitcoin holders;

Bitcoin's volatility is also driven to a certain extent by holders who account for a large proportion of the total outstanding shares. For Bitcoin investors who currently hold more than 10 million U.S. dollars, it is not clear what they will do. Such a large position in liquidation became a Fiat position, but it did not seriously affect the market. In fact, how they will close a position of this size in a short period of time may not be clear, because the 24-hour withdrawal limit set by most cryptocurrency exchanges is far below this threshold.

Bitcoin has not yet reached the adoption rate of the mass market, which is necessary to provide option value to large Bitcoin holders;