Seeing a crypto exchange CEO say Bitcoin will crash further, I’d like to share my perspective: I believe many people have the right to be bearish on Bitcoin. KOLs can. Analysts can. Retail investors certainly can. But exchange executives are different. Because when you’re in that position, what you say is no longer just a personal opinion— it’s a signal sent to the entire industry. Many people might think: “This is a warning to retail investors to be cautious.” But what retail investors actually think is: “If even the CEO of an exchange doesn’t believe in the future, what’s really going on in this industry? If the market keeps falling, can your exchange even withstand it? Will bigger problems emerge?” What the market fears most is never bad news— it’s uncertainty. A KOL being bearish is just an opinion. But when an exchange executive is bearish, the market often interprets it as something far deeper— and that interpretation brings nothing but harm to the exchange and the industry as a whole.