The recent cryptocurrency market has cooled significantly. Bitcoin has fallen 3.1% in the past 24 hours, dropping below $86,000. Compared to the peak of $126,000 reached in October, the decline has exceeded 30%. Selling pressure continues to rise, and short-term market confidence is severely overextended.

In addition to common reasons like year-end capital flows and macroeconomic uncertainties, there is a long-standing 'gray rhino' emerging—the Federal Reserve's interest rate hike trajectory. As the last major central bank still maintaining negative interest rates, any policy adjustment by Japan could likely trigger a chain reaction in the global financial markets.

However, looking deeper, each sharp rise and fall in the market tests investors not so much on technical grounds but on psychological resilience. While Bitcoin is increasingly recognized by many, controversies and disagreements surrounding it remain sharp—some use it to realize wealth dreams, while others are completely washed out.

From a psychological perspective, when Bitcoin declines, what is truly amplified is never the number itself but human nature. Fear causes people to overestimate risks, greed causes underestimation, and leverage amplifies the costs of both emotions by a thousand times. Many liquidation cases are ultimately not due to strategic mistakes but because emotions took precedence over rational decision-making. Volatility itself isn't really scary; what is frightening is rushing to find answers in uncertainty, which often leads to losing control altogether.

The investors who truly profited in the past two bull markets are never those chasing quick gains or panic selling, but those who can see through the long-term logic and know how to stay calm amidst emotional waves.