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The strangest part of this wave of decline is the explosive rise of privacy coins. Before and after the big fish Chen Zhi was caught, the other fish had already sensed it. Chen Zhi's accusation happened on the 8th, and the announcement of Bitcoin seizure on the 14th, which closely aligns with the timing of Bitcoin's plunge. The school of fish suddenly realized that the Bitcoin they've been using for over a decade isn't safe after all. It can actually be netted from the high seas. This downturn has nothing to do with institutions or retail investors—it's the school of fish frantically dumping Bitcoin while massively buying up privacy coins.
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