During this crypto winter, Bitcoin has faced continuous sell-offs, but the underlying infrastructure hasn’t collapsed, which is completely different from 2022. Back in 2022, we saw systemic collapses like the FTX chain reaction, but now exchanges and custodians are operating normally, and U.S. banks are actively exploring crypto products with no systemic risks. The liquidity remains resilient, most ETF assets are staying put, institutions aren’t panicking or fleeing, and the market is only facing a confidence crisis. Meanwhile, Bitcoin’s freely circulating supply is shrinking, so if market sentiment reverses, the reduced supply could more easily drive a rebound.