Collective Crypto Asset Pullback Sparks Bull-Bear Debate

Bitcoin (BTC), which rose from $20,000 to $40,000 in 23 days, experienced a major pullback. On January 11, BTC fell from an opening price of $39,674 to $32,500 at one point, plummeting 18% in a short time. The entire crypto asset market followed suit, with mainstream assets like ETH and BCH all experiencing drops of around 20%. This waterfall-like decline reminded investors of "3·12", and voices saying "the bull is gone" began to emerge again. Before this crash, the "whale" Grayscale Trust had not increased its BTC holdings for 18 consecutive days, instead reducing its position by 499 coins.