The core contradiction in the recent market has actually shifted from "emotion-driven" to "macro pricing."

As expectations for the Federal Reserve to cut interest rates continue to delay, U.S. Treasury yields are rising again, and the overall global liquidity environment is beginning to tighten marginally, directly suppressing the valuation of risk assets including Bitcoin.
But what’s more noteworthy is that the market structure is changing.
The inflow of ETF funds is no longer a one-way amplifier but is beginning to show characteristics of "orderly entry and exit."
This means that Bitcoin is gradually shifting from an emotion-based asset to a pricing logic more similar to traditional risk assets—it's starting to be truly integrated into the global asset allocation system.
In the short term, it’s difficult for trends to emerge explosively in this environment.
Volatility, oscillation, false breakouts will become the main theme.
But from a medium- to long-term perspective, this is actually a healthy "de-foam" process.
The real opportunity often doesn’t appear when emotions are at their hottest, but during this phase of macro suppression and cooling narratives, when capital completes reallocation.
The market hasn’t weakened; it’s just "operating in a different way."