#比特币市场动态 Recently, the core discussion in the crypto circle revolves around one question: why isn't it moving up? The viewpoint from Bitwise advisors hits the nail on the head — without an increase in volatility, there is no real room for price to rise. This is not nonsense; it’s a hard technical constraint.

Carefully examining the triggers for this recent decline: forced liquidations, stagnation of crypto legislation, waning corporate buying momentum, and a shift in global risk appetite towards safe-haven assets. In simple terms, the fundamental support for the bulls is gradually collapsing. Even more painfully, Bitcoin is still being tethered to tech stocks, and the real bottleneck for AI has shifted from computing power to electricity — meaning the tech stock story is running out, and Bitcoin will have to follow suit.

I noticed a detail: Tether is increasing its gold holdings rather than Bitcoin. This indirectly reflects the true thoughts of institutional funds. Luke Gromen has shifted from a long-term bullish outlook to a short-term bearish one, with a clear logical chain — deteriorating liquidity environment increases the attractiveness of gold as a hedge asset.

From a follow-trade perspective, this time window requires cautious adjustment of strategies. If your followers are still chasing longs, now is the time to consider reducing the weight of follow positions or switching to more bearish traders. When volatility is insufficient, fundamentals weaken, and capital flows shift, these three signals combined often indicate a correction cycle is brewing. Stop-loss levels should be set more strictly, and position allocation should tilt more aggressively towards defense. Wait until volatility truly picks up before adding positions; this operational rhythm is more rational.