Bitcoin Market Dynamics Through the Eyes of Recognized Investors: Analysis of Major Player Exits

February debates in the cryptocurrency market revolve around a classic dilemma: are early investors leaving the market because they no longer believe in Bitcoin, or is this a natural evolution of a healthy market? Zhu Su, co-founder of Three Arrows Capital, recently shared an intriguing perspective on this dynamic, offering an alternative view on the mass exit of veteran investors.

Early Investor Exit as a Sign of Market Maturity

According to Zhu Su, the gradual departure of initial Bitcoin holders from the market is not a crisis but a normal part of healthy development. Each wave of token redistribution contributes to long-term stability and confirms Bitcoin’s true value as an asset. This dynamic is fundamentally different from speculative schemes where the currency’s survival depends on a constant influx of fresh capital and individual holders’ decisions to resell.

Zhu Su highlighted a paradoxical fact: if Bitcoin were entirely dependent on the will of individual investors and their decisions to hold long-term, the system would have collapsed long ago. Instead, the diversity of participants and constant shifts in influence create a resilient ecosystem where the victories of early holders become lessons for new generations of traders.

From Heroes to Antiheroes: Reassessing the Role of Major Players

The discussion also touches on Michael Saylor, whose company MicroStrategy is actively accumulating Bitcoin. Zhu Su noted an important nuance: if Saylor remains merely a symbol, then MSTR investors are the real risk bearers. They bear all the financial consequences of Bitcoin’s volatility related to MicroStrategy’s strategy.

This dynamic illustrates the asymmetry inherent in the market: leaders gain fame, but the risk is distributed among retail investors. Such a structure has deep roots in the history of financial crashes.

Pitfalls of Overestimating Your Forecasts

A vivid example is recent losses by investors including Yi Lihua and a participant with the nickname 1011. They re-entered the market too early after a peak driven by excessive confidence in their forecasts. Their experience reveals one of the main dangers: overestimating one’s understanding of market dynamics leads to synchronized errors among many traders.

Zhu Su’s return to active commentary after a long silence (from late 2025 to January 2026) indicates increased interest in reassessing investment strategies amid current market volatility.