After looking at the Federal Reserve's statement, it seems that the probability of interest rate cuts in the first half of 2026 is indeed not high. This expectation of tightening liquidity will continue to exist for the crypto market.
However, the recent adjustment of Bitcoin $BTC may be more of a technical correction.
The key still lies in the movement of institutional funds; the purchasing rhythm of MicroStrategy should not stop due to short-term interest rate expectations. After all, they are playing long-term configurations, not short-term trading.
Market sentiment is indeed somewhat pessimistic, but during such times, it is often an opportunity for smart money to enter. Just like in March last year, when everyone was worried about a banking crisis, Bitcoin instead experienced a bull market.
YGG, a beneficiary of the P2E boom, is now packaged as a "digital labor network": in simple terms, the initial guild model is no longer viable, and they are starting to look for a new narrative.
On the technical side, the MACD is bullish while the long-term EMA is bearish; this divergence is basically a typical setup to lure in more buyers. The market gives you a little sweetness, making you think the bottom has arrived.
The most critical factor is still the pressure from token unlocks. Early projects like YGG have a very low cost basis for VC and teams, and each unlock poses potential selling pressure. Coupled with the overall cooling of the gaming sector, it is really hard to see any substantial positive news.
The so-called "sustainable development" basically equals "we are still burning money to find direction" in a bear market.
