Now in the crypto circle, there is no distinction between bull and bear markets; it is clearly on the fast lane downhill!
Bitcoin used to have tricks like 'painting doors', but now it has directly stopped selling — all the money has run away, either to buy gold, which has public consensus as hard currency, or to invest in technology stocks that can generate cash flow. Who still cares about the crypto circle?
Bitcoin is particularly awkward now: the rise relies entirely on imaginative speculation, and when liquidity withdraws, the drop is incredibly smooth. There are no new stories, no profit effects, social funds are not coming in, retail investors are not buying, and new retail investors are not coming to take their posts.
Institutions are as cunning as monkeys, only increasing their positions when the world is in chaos; given the current situation, there's no need to buy Bitcoin. Those that remain are all short-term arbitrageurs; the market hasn't collapsed, but it's also completely cold, with no warmth at all.
What's worse is the positioning of Bitcoin: the core narrative of decentralization and anti-establishment is becoming weaker, and after compliance, there is no access to the golden threshold of 'if you have money, allocate it.' It doesn't generate interest, there are no new materials, and under high interest rates and strong regulation, it is naturally left out by funds - right now, Bitcoin is truly something no one has to buy!
