Last night's market performance was quite ironic: after so many years of promoting 'digital gold', we were crushed into dust in the face of real gold and silver. The market capitalization of physical gold tokenization has surpassed 5 billion USD, indicating that large funds are not lacking; they just don't want to touch Bitcoin.

Watching the 90,000 threshold teeter, are you planning to learn from the micro-strategy belief of 'as long as I don't sell, I haven't lost', or will you clear your position and step back to watch the show?

Today's hardcore focus:

The 'shell' of compliant infrastructure has become more valuable:
BitGo debuted on the NYSE with a valuation of 2.1 billion USD, marking the first 'ticket to entry' for native crypto companies in 2026. The logic is simple: cryptocurrency prices may fall, but the 'faucets' connecting traditional capital are becoming increasingly expensive. For second-tier projects, surviving in the future may be more reliable through compliant IPOs than through airdrops.

ETFs have turned from 'engines' into 'ATM machines':
This week, ETFs saw an outflow of 1.3 billion, with no net inflow on any day, led by BlackRock and Fidelity reducing their holdings. This has pulled down the curtain on Wall Street: these people have no loyalty, and when emotions are off, they run faster than retail investors. Coinbase continues to trade at a negative premium, indicating that the US market hasn't fully crashed yet; don't expect a major rebound in the short term.

Airdrops Enter the 'PUA' Deep Water Zone:
The airdrop rules of FTM Sonic (25% release + 9 months soft lock-up) are basically standard for project parties this year. Want to get it all? You have to run along. This kind of 'locked flow' is essentially a self-preservation strategy for project parties when liquidity is exhausted; those dreaming of 'a wave of fat' can wake up now.

The 'Cold Joke' of Macro Game:
Trump is talking about the land of Greenland, while Hayes is watching the Federal Reserve's money printing machine. The dollar's foreign exchange reserves have dropped below 60%, which is a trend, but Bitcoin is still not a safe haven; it is just a high-multiplicative risk indicator. The real turning point will depend on whether the Federal Reserve will be forced to loosen in order to save the yen.

[Market Notes: The Deep Truth of Liquidity Tear]

The Narrative is Being 'Striped':
In the past, when the market was bad, people would still talk about 'safe havens', but now that conversation is over. Funds would rather buy overpriced tokenized gold than touch the fluctuating big coin around 90,000. The dollar's credit is indeed falling (below 60%), but the dividends of this 'decentralization' have all flowed into physical assets.

The 'Misalignment' between Institutions and Retail Investors:
MicroStrategy is still stubbornly buying every week, but retail investors are watching Coinbase's negative premium. The selling pressure in the US market is currently very heavy; although this selling is weakening, before next week's ETF sell-off bottoms out, besides a few meme islands like PENGUIN that are up 300% in 24 hours, the majority are basically playing dead.

The future 'money' has changed color:
ARK says that the market cap can reach 16 trillion by 2030; we should just take this as a comment, painting an unrealistic picture four years ahead has no meaning. The focus is on the CCA auction that Rainbow and Uniswap are about to conduct, which will determine whether NFTs still have life. If the active money from these applications cannot come in, relying only on compliant channels and ETFs as a 'chronic thrombus' will make it hard for the market to have explosive growth.

☕️ Casual Summary:
The 4-hour chart of the big coin has already broken down; 87,000 is the last line of defense, and if it doesn't return to 90,000, it will be a gradual decline into a quagmire. The current market is old money unloading, while new money is on the sidelines.

#XAUUSD $BTC #etf以太坊