The big plunge on October 11th indeed scared many people. The screens were full of margin call notifications, and various claims that "the crypto world is doomed" were flying everywhere. But here's how to look at it—

Bitcoin has been around for over ten years since its inception. How many times has it survived amidst doubts? The Ming Tombs Gully incident, the policy shock on September 4th, the halving in May, and later the industry-shaking collapse of FTX. Every time, the media prepared obituaries, and so-called industry elites advised people to stop. But what was the result? Not only did this market survive, but each rebound set new highs, making the previous peak look like a small hill.

Honestly, the October volatility was essentially about clearing excessive leverage and reallocating chips. Without this kind of deep correction, the bull market's chariot simply can't go far. This adjustment isn't so much a bad thing as it is a necessary growing pain.

Looking at the current industry situation, many complain that it's mostly hype with little real application. But this immaturity is precisely the biggest opportunity. Just look back at history—what was the internet doing in 1995? People were still enduring the screeching noise of dial-up, waiting ages to download a picture. No one could imagine what it would look like twenty years later. The crypto market is now in this early stage, with real applications and infrastructure still under construction.