Walking too many night paths, it seems not strange to meet ghosts. After reading too many comments, one realizes that in a large forest, there are all kinds of birds. I'm curious why some people always hope that those who buy Bitcoin will "jump off." Although looking at the recent liquidation data, it's true that some people have lost everything.

Let's talk about this: How much money do you have to lose to be driven to the idea of "jumping off"?

If you don't trade futures, don't borrow money to buy Bitcoin, and just keep Bitcoin in your own wallet, no matter how much it fluctuates, 1 BTC is still equal to 1 BTC. Where does the idea of jumping off come from?

As for the so-called "fall" or "plummet," does it even exist? How much has it fallen? Not 70%, right? Not even 50%, right? Bitcoin's price would have to fall from $109,000 to $50,000 to be considered a "plummet," wouldn't it?

Bitcoin has historically seen multiple drawdowns of over 70%:

• 2017-2018: $20,000 → $3,000 (85% drop)

• 2021-2022: $69,000 → $16,000 (76% drop)

The Psychology of Envy and Insecurity
Most "contrarians" simply can't stand to see others succeed. Such people and this mindset not only fail to make money but also miss opportunities. When analyzed deeply, this extreme attitude often stems from deep-seated jealousy and insecurity.

They see others making gains in Bitcoin investments and feel resentful, completely disregarding the research and risk-taking that others might have done behind the scenes. This mindset is like a blinding fog, preventing them from rationally viewing the market and objectively seizing their own opportunities.

A Terrifying Reality Check
However, while we remain optimistic, it's not blind optimism. There is a very terrifying, even "tragic," data point that we need to understand:

According to Coinglass data, in the past 24 hours, there was a total liquidation of $2.119 billion across the entire network, with $1.78 billion in long positions and $270 million in short positions liquidated. A total of 710,000 people worldwide were liquidated.

This number has now risen to 740,000 people (as of 22:30 on February 3, 2025). Some even argue that this is the largest liquidation in history, equivalent to the combined total of the five major black swan events: 312 + 519 + Luna + FTX + 805. For those unfamiliar with these numbers and the stories behind them, a quick search will provide more context.

Understanding the Market
However, based on my current understanding of the market, there's no need to obsess over or be anxious about these fluctuations. Moreover, for those who use leverage or borrow money to trade Bitcoin, they are essentially not investing in Bitcoin at all, and it has little to do with Bitcoin itself.

Speculators devoured by leverage are essentially going against Bitcoin's core anti-censorship characteristics—Satoshi Nakamoto designed the PoW mechanism to combat the debt leverage of the fiat currency system, not to create a new casino. True holders understand that the more the market is noisy, the more they need to stay calm; the more the price is crazy, the more they need to hold on to their private keys. After all, in the world of blockchain, time is never a friend to speculators but a strategic resource for coin holders.

Investing in Bitcoin: Doing It Right
When we zoom out to a decade-long perspective, we observe a brutal yet fascinating financial phenomenon: the wealth curve of Bitcoin spot holders and the liquidation trajectory of contract speculators always show a quantum entanglement-like mirror relationship. The Chicago Mercantile Exchange's volatility model shows that currently, every 1% fluctuation in BTC price triggers a 5.2x anomaly in funding rates. This non-linear feedback mechanism in the leveraged market essentially constitutes the most sophisticated "speculator meat grinder" in the history of modern finance.

The Echoes of Skepticism
When Bitcoin's popularity once again makes headlines, there will still be many "experts" repeating topics like "Bitcoin scam," "Bitcoin money laundering," and "Bitcoin fraud." Aren't they tired? And what about those prophets who always hope for "Bitcoin to go to zero"? It feels like seeing bankrupt nobles cursing tulip merchants outside the Amsterdam Exchange in the 17th century—history always generously provides each era with the same satirical script.