Random thoughts: Funds from some dirty money haven’t been fully cleaned up yet, still 30,000 BTC remaining. My analysis from late December underestimated its impact. Maybe it’s related to how easily Bitcoin was acquired—these people have limited intelligence and are still stuck at the level of building leveraged ETH long position portfolios. The Bitcoin source from Wintermute has basically dried up, as can be seen from related cluster addresses like 1kb. There are even signs of pure Bitcoin buying, which is completely opposite to their behavior over the past six months. It might be that the exchanges are facing huge deficits and want to restock, but this still needs observation. The crash has nothing to do with iBit, and definitely not with the yen. The high-intensity dumping of thousands of coins daily for two consecutive years from WM is something iBit could never achieve, let alone ETF history being so short. This is the dumping driven by the raw power of internal enemies. The University of Tokyo doesn’t like the class created by Bitcoin, which they used to call the capitalist faction. No taxes, uncontrollable funds, unmanageable. Policy suppression is eternal—keep this in mind and don’t dream. I used to think Saylor was just a speculator, but after reading the Epstein files, my perspective completely changed. Perhaps only in the Bitcoin environment can pure decentralized believers emerge. Salute to them.