The current predicament of the cryptocurrency market has surpassed the bull-bear struggle, resembling an overall entry into a downward channel. The issue with Bitcoin is not short-term volatility, but rather a lack of effective buying support.

Funds are clearly being redirected towards assets that either have broad consensus, like gold and tech stocks, or possess stable cash flows. Bitcoin is currently in an awkward situation: its rise relies solely on market imagination, and once liquidity withdraws, a decline will be a natural consequence.

With a lack of new narratives and profit-making effects, social funds are unwilling to enter the market, retail investors are standing by, and new entrants are quite rare. Institutions are generally astute, only actively increasing their positions when real systemic risks emerge, and the current global situation has yet to reach a level that necessitates reallocation.

The market is mainly retained by arbitrage funds and short-term traders; while it has not collapsed, its activity level is significantly sluggish. More critically, Bitcoin's positioning has deviated: as the process of compliance accelerates and market acceptance increases, its core narratives of being anti-establishment, decentralized, and regulatory-averse are continuously weakening, and it has yet to reach the cognitive height of gold as a 'must-have for wealth appreciation.'

As for stock tokenization, prediction markets, and other derivative directions, they seem more like paving the way for others. Under high interest rates and strong regulatory expectations, funds only recognize two types of targets: assets that can sustain profitability or varieties with clear institutional backing.

Bitcoin generates no interest and lacks new narrative support; in the context of temporarily alleviated institutional uncertainty, it is naturally marginalized by funds. The core issue now is that Bitcoin is no longer a must-have option in the market.