#比特币市场动态 When I saw the news that Metaplanet fell from 1781 yen to 398 yen, a decline of over 77%, the first thought that crossed my mind was: this is the pit I once stepped into.

A publicly listed company claims to want to create a Bitcoin treasury, but after peaking in June, it has been on a downward trend and has not increased its holdings since September. The information revealed behind this is very dangerous—the promises that were once loudly proclaimed have now turned into silence. Either the funding chain has encountered problems, or there has been a misjudgment of the market outlook. Either way, it shows that the decision-makers have already admitted defeat.

Ironically, many people rush in when they see news about these publicly listed companies increasing their Bitcoin holdings, thinking that with major institutions backing it, it's safe. In fact, this is precisely where it's easiest to fall into a trap—the risk tolerance between institutions and retail investors is fundamentally unequal. When they decide to cut their losses, your holdings have already been crushed.

This case is worth remembering: do not put blind faith in any news about accumulation; the key is to see when they stop accumulating. The stop itself is the biggest signal. To survive on-chain for a long time, you must learn to read these silent messages.