Ansem: BTC's roughly 2% drop after the $6 billion hack does not mean the downtrend has ended

TechFlow reported that on Oct. 30, Ansem (@blknoiz06) posted that the market view treating BTC's roughly 2% drop after the $6 billion hack as bullish is a misunderstanding of BTC's current trading structure. He noted that in 2017, BTC was the main vehicle for retail leveraged speculation; after 2020-2021, retail investors gradually shifted to altcoins, then to on-chain trading, meme coins, and equity perpetual futures, with a clear decline in long and short speculation on BTC.

Ansem cited the liquidation event on Oct. 10, 2025 as an example, noting that altcoins plunged sharply within a single candlestick while BTC held above $100,000 for weeks and only made a clear lower low in November. He argued that BTC's smaller immediate decline reflected fewer high-leverage participants and more passive selling pressure, and does not mean the downtrend will not continue.

Source: TechFlow