Ignas: The community once firmly believed that $58,000 was the bottom, but the failure to follow the AI stock rebound has dampened market confidence.

November 13 - Ignas, a well-known DeFi researcher, pointed out in a post that for an asset like Bitcoin, which relies on sentiment and consensus for support, price is the product; the lower the price, the weaker the market's belief in its "store of value" narrative. This round of decline is particularly painful. Many people once firmly believed that $58,000 was the bottom, but BTC failed to follow when AI stocks rebounded, greatly damaging market confidence. This has led to a lack of significant dip-buying in the current decline, with funds instead preferring to buy AI assets.

Ignas emphasized that if BTC continues to fall sharply, there may still be buying driven by bets on a rebound, but these are likely to be short-term speculators rather than long-term holders. During past declines, crypto Twitter was once full of bulls promoting sound money theory; now it is unusually quiet. More worrying is that Strategy has been removed from the MSCI index. The lower BTC falls, the stronger the negative panic about Strategy will become. The strangest thing is the performance of altcoins: they are unexpectedly resilient compared with BTC, while instead it is Bitcoin that is dragging the entire market down.