Bitcoin's price movements have clearly changed. In the past, it was highly sensitive to the Federal Reserve's policy decisions, but now it tends to move proactively. The underlying reason for this shift is the impact of ETF approvals.

With ETFs approved, institutional investors have fully entered the Bitcoin market. They are looking at larger macro trends rather than short-term interest rate fluctuations. In other words, the entire market is now moving with an eye on predicting the Fed's next move.

Previously, individual investors dominated, so there was a time lag in reacting to official policy announcements. But now, that's different. The influx of institutional investors due to ETF approval, along with their algorithms and macro analysis, is beginning to dominate the market rhythm.

This structural change is significant. It means Bitcoin is no longer just a speculative asset but is recognized by institutions as part of their portfolios. ETF approval was not just a regulatory milestone but a turning point where market leadership shifted from individuals to institutions.

Going forward, to interpret Bitcoin's price movements, it will be more important to observe how the market is anticipating rather than waiting for Fed announcements. I believe that’s the new rule of the ETF era.