To put it bluntly:
This round of Bitcoin has fallen, and there is no one to blame.
It's not an exchange explosion,
It's not regulatory suppression,
It's not an industry collapse.
On the contrary—
Institutions are present, regulation is mature, the president is supportive,
In theory, this is the 'safest bull market environment.'
So what?
BTC has been steadily declining after reaching the historical high of 126,000 USD,
Trading volume shrinks, rebounds are weak,
It resembles a situation where no one is willing to take over the high-priced chips.
Ironically:
• U.S. stocks hit new highs repeatedly
• Tech stocks soar
• While Bitcoin is decoupling from risky assets and going down
Data does not lie:
• Bitcoin spot ETF saw a net outflow of over 5.2 billion USD in two months
• Market depth has directly decreased by 30%
• In the derivatives market, almost no one is betting on a rebound
What does this indicate?
This indicates that it's not panic, but confidence is draining.
It's capital voting with its feet, rather than being scared away.$BTC
