From Friday night to Saturday morning, the major global financial markets (U.S. stocks, crypto assets) encountered a "black swan": Trump tweeted his dissatisfaction with another country's rare earth controls and decided to escalate the tariff war.

This conflict instantly triggered a panic sell-off in the markets.

During the sell-off, participants in the crypto ecosystem likely felt the most significant impact from the sharp decline in the crypto market.

Bitcoin and Ethereum both saw declines exceeding 10%.

In terms of liquidated assets, the situation was even worse, with nearly $19.2 billion in assets being wiped out. This scale has surpassed the well-known liquidations of 519 ($9.3 billion) and 312 ($3 billion) in the past.

However, if we look at this sharp decline rationally, we will find some noteworthy aspects:

Even with such large-scale liquidations and declines, compared to past instances where Bitcoin and Ethereum often halved in value, this time the drop is not that significant.

This indirectly indicates that as the mainstream assets in the crypto ecosystem grow larger, their volatility is decreasing. Does this mean that in the future, even if we enter a bear market, Bitcoin and Ethereum will be more resilient than we previously imagined?

In the face of this sharp decline, although there is a chorus of lament online, I hope our readers do not feel the same. Because if one strictly adheres to the discipline of not using leverage and avoiding various speculative plays, such a drop can be completely ignored by investors holding Bitcoin and Ethereum spot.

If we firmly believe in the future potential and space of Bitcoin and Ethereum, such a sharp decline is merely a slight noise in the long river of history, which will soon be smoothed out by time.

If there is anything worth noting about the crypto ecosystem in this sharp decline, I think there are possibly two points:

• For Bitcoin and Ethereum, have they dropped to their previously set dollar-cost averaging prices of $35,000 and $2,500?

If not, then continue living as usual, no action is needed.

• For other projects you like, has this sharp decline changed their fundamentals? If their fundamentals have not changed, have they dropped to the buy-in prices you have always dreamed of?

Clearly, this sharp decline is purely a sudden external factor, and its impact on fundamentals can almost be ignored. As for whether the decline has brought project prices down to good buying points, that is for each investor to determine for themselves.

If not, then again, no action is needed.

Some readers ask: Does this sharp decline mean a bear market is coming, and does it mean we should start a systematic sell-off?

I have shared my views on this in previous articles:

For this round of a bull market that has not brought much surprise or excitement, I cannot discern its patterns, cannot judge where the peak is, nor can I determine when we will enter a bear market.

So, there is a high possibility that as long as the prices of Bitcoin and Ethereum are not absurdly high, I will hold onto them without selling, completely ignoring the subsequent market changes.

The current sharp decline does not change my actions.

I cannot predict whether we will enter a bear market next, nor will I sell my holdings of Bitcoin, Ethereum, and other tokens at this position.

For me, this sharp decline may create more opportunities in other areas outside the crypto ecosystem. Because the deeper impact of this sharp decline is the speed and intensity of the decoupling between China and the U.S., and how this decoupling will have far-reaching effects on the industries of both countries.

If we say that in the previous decoupling, China's sense of urgency and crisis was relatively strong, after this, the U.S. will also have an equally strong sense of urgency and crisis, which means that the decoupling has entered an accelerated phase.

However, no matter how fast it accelerates, this process will take time. This time will influence the direction and layout of the two countries for the next 20 or even 30 years.

Recalling the comprehensive impact of AI on various industries along both vertical and horizontal axes that I shared last week, the current accelerated decoupling will also have a comprehensive impact on various industries along both axes.

How these two factors combined will affect the development of enterprises in various industries and the future direction of various assets is, I believe, more worthy of thought and observation than the impact of the sharp decline on current assets.

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