PANews reported on December 21st that Jocy, founding partner of IOSG, posted on the X platform that 2025 will be the "worst year" for the crypto market. OG investors will experience three waves of selling, from March 2024 to November 2025, with long-term holders (LTH) collectively selling approximately 1.4 million BTC (worth $121.17 billion): The first wave (late 2023 - early 2024): ETF approval, BTC price rose from $25,000 to $73,000; the second wave (late 2024): Trump's election, BTC surged towards $100,000; the third wave (2025): BTC will remain above $100,000 for an extended period. Unlike the single, explosive distributions of 2013, 2017, and 2021, this will be a multi-wave, sustained distribution. BTC has been consolidating at its high point for the past year, a situation never seen before, with 1.6 million BTC (approximately $140 billion) remaining unmoved for over two years decreasing since early 2024. But risk also presents opportunity, from an investment perspective:

Short term (3-6 months): Expected to fluctuate within the $87,000-$95,000 range, with institutions continuing to build positions;

Mid-term (first half of 2026): Driven by both policy and institutional factors, with a target of $120,000-$150,000;

Long term (second half of 2026): Increased volatility, depending on election results and policy continuity.