Saw the CEO of a certain exchange saying Bitcoin will crash further. Here’s my take: I think everyone has the right to be bearish on Bitcoin. KOLs can. Analysts can. Regular investors can even more so. But it’s different for exchange executives. Because when you’re in that position, what you say isn’t just a personal opinion anymore— it becomes a signal sent out by the entire industry. A lot of people might think: This is a warning for retail investors to be cautious of risks. But what retail investors will actually think is: If even the CEO of an exchange isn’t optimistic about the market, then what’s really happening in this industry? If the market keeps dropping, can your exchange even hold up? Will there be bigger problems ahead? What the market fears most has never been bad news. It’s uncertainty. When a KOL is bearish, it’s just an opinion. When an exchange executive is bearish, it’s often interpreted by the market as something deeper. And this deeper meaning brings nothing but harm to the exchange and the industry as a whole.