BTC is still hovering around 87,000, not much to see. Instead, let's look at these two phenomena that appear simultaneously yet seem very contrasting.

On one side, #黄金 is reaching new historical highs, with funds clearly moving towards traditional safe havens; on the other side, JPMorgan is seriously studying how to facilitate crypto spot trading for institutions, and BlackRock is even listing BTC ETFs alongside government bonds and tech stocks as core allocation themes for 2025.

Long-term capital is still laying the groundwork.

The current market situation is indeed not great: long-term holders are cashing out, leverage is slowly being cleared, and prices are stagnant, which is quite frustrating. But from another perspective, if everyone really has lost faith in this track, Wall Street banks have no reason to step in and build infrastructure at this point.

So this is a phase where prices are very cold, but the direction hasn’t changed.

Those who should sell are selling, those who should leave are leaving, while the players who truly determine the structure of the next cycle are not too concerned about whether there will be a Christmas rally.