Bitcoin has officially entered the policy sycophant mode. It's 2026 now, and if you are still holding onto that four-year cycle's metaphorical map, waiting for the halving to save your account, then it's basically the same as waiting for Newton to be resurrected to help you trade stocks.

In the past, we believed that Bitcoin was code is law, halving every four years, supply shrinking, and prices soaring. So pure, so mathematical! But now? Those giants like BlackRock are making daily purchases and redemptions in #ETF , with a scale that has long surpassed the meager earnings of miners.

Now there is no liquidity, and even if your Bitcoin is made of gold, no one will carry your palanquin. The government, in order to pay off debts, is spending wildly and must forcibly keep interest rates down, allowing inflation to run ahead of interest rates.

Everyone is still waiting for the institutional army to arrive in 2026, but institutions are not small players; their guts are smaller than a cat's. They don't care how much the halving has reduced; they care about that "U.S. Cryptocurrency Market Structure Legislation."

Without legislation: buying Bitcoin is a violation and will get you a coffee invitation from the compliance department;

With legislation: buying Bitcoin is a strategic allocation and can be included in the annual summary as a wise decision.

So, the logic of the current market is very simple: no good news, no institutional support.