One root cause of the 1011 incident was the downfall of long-term "holders" like Chen Zhi and Qian Zhimin. This disproved the narrative that Bitcoin was a safe-haven asset for a group of people. In the long run, the unique characteristics of Bitcoin/ the crypto have led to a playground for various big players. The SBF incident at the end of 2022 and the Chen and Qian incidents at the end of 2025 both resulted in intense turnover of tokens. After such an event, the typical scenario is that short-term buyers enter the market, wait for the price to rise again, then long-term buyers take over, and if the price fails to rise further, they cut their losses and leave the market. For BTC right now, the price has bottomed out, attracting short-term buyers. However, institutions that were originally intended to be long-term buyers haven't continued to enter the market. One reason is that the October 11th crash was too devastating, and they need to assess its impact and whether similar events will occur in the future. The fact that "Cathie Wood"(a popular investor) spoke out three months later, directly criticizing Binance, suggests they believe Binance played a part in the October 11th crash; they won't dare continue trading without understanding the risks of single-point-of-failure protection. Another reason is that large asset classes like gold have seen significant price increases, have large capacities, and offer high potential for short-term management fees. Asset management institutions will prioritize allocating to and shill these assets. So when short-term buying pushed the price to 97K, no new buying followed, and funds flowed out to more profitable US stocks and gold. Meanwhile, BTC was too busy to pay attention to it, and a slow, gradual decline followed by a sharp drop due to liquidity depletion began. In situations like this, it's usually the crypto native buyers who need to step in and fill the gap. We can see Bfx whale continuously increasing their holdings, and Binance responding to the call by converting its insurance fund into BTC to boost confidence. Is there any risk in building a position now? There is definitely a risk. The key issue is whether there will be any unexpected events like the collapse of Silicon Valley Bank. In other words, it depends on whether there will be any bigger unexpected geopolitical events that will impact the crypto.

As for why Cathie Wood (a nickname for a financial commentator) blamed Binance, it's quite simple. Institutions always need a scapegoat to explain their flawed decisions; otherwise, why admit their investment mistakes? Ideally, this excuse should be that they couldn't obtain additional information and that it wasn't directly related to the major investors. People always say Binance is like Shandong (a famous Chinese financial institution known for its outspokenness), but actually, North American investment institutions are even more like Shandong… Binance's response was simpler: to take responsibility for the industry and stabilize institutional confidence.