#加密货币市场情绪和走势分析 Looking back, I can't help but feel a surge of emotions. The name Strategy was once a beacon of hope in many people's hearts. But now, it is deeply mired in a crisis of "quadruple stranglehold." The mNAV premium has narrowed sharply, coin hoarding has weakened, executives are selling off shares, and it even faces the risk of being removed from the index. This series of blows reminds me of those flash-in-the-pan projects back in the day.

History is always strikingly similar. With every bull and bear cycle, star projects fall. I remember during the 2018 bear market, many highly sought-after projects found themselves in a similar predicament—plunging valuations and collapsing confidence. The misery then is so much like Strategy's current plight.

However, the market always breeds hope in the midst of despair. Projects that can survive adversity often experience a revival in the next bull run. What lies ahead for Strategy remains to be seen. But for veterans like us who have weathered the ups and downs, this is undoubtedly a profound reminder: in this ever-changing crypto world, staying clear-headed and cautious is always the top priority.

Looking at the development of cryptocurrency as a whole, cyclicality has always been a key word. The current market malaise may well signal the brewing of a new cycle. As witnesses and participants, what we need to do is remain calm amid the turmoil and look to history as a mirror to find direction for the future. After all, only by understanding the past can we better grasp the present and anticipate the future.