[K33 Research Director: Bitcoin Market Panic Stems from Exaggerated Risks, Policy Changes May Improve Outlook] K33 Research Director Vetle Lunde stated in the December market outlook report that the current panic in the Bitcoin market mainly stems from the exaggeration of long-term risks rather than direct structural threats, such as quantum risks and hypothetical issues like potential Strategy BTC sales. He pointed out that recent market adjustments have been driven by factors such as derivatives excess, concentrated selling by long-term holders, and widespread supply distribution. Additionally, in February 2026, U.S. regulators will introduce new 401(k) pension plan guidelines, allowing cryptocurrency allocation in the $9 trillion retirement market, which could significantly improve Bitcoin's mid-term outlook.