Qian Zhimin, Chen Zhi, Maduro—these whales' BTC have been washed and transferred, and at the chip level, this round of bear market turnover has also been completed. BTC itself hasn't changed; what has been changing is the participants' perception of it. You can't say that an asset's rise is correct or its fall is wrong; fundamentally, it's all about cycles. Conversely, for value investing, if the intrinsic value of an asset is undervalued, then when emotions are in negative excess, it's a good opportunity to accumulate. Wait until the emotional premium reaches its extreme, then take profits and sell.