The U.S. stock market has extended trading hours to 22 hours, and the competition for global liquidity is becoming increasingly fierce. Now, macro policies are being issued too frequently, making it really difficult for Bitcoin, which is particularly sensitive to liquidity. Especially when compared to stocks that can be traded over a broader time frame, Bitcoin has little competitiveness. The stock market is not as heavily regulated as Bitcoin and has fewer restrictions, so speculative, arbitrage trading and institutional funds will divert some of the capital that would otherwise be active in Bitcoin. In a low liquidity environment, the price volatility of Bitcoin will increase significantly. Under these circumstances, most people's trading strategies need adjustment, especially in an unstable policy environment. This wave of global liquidity competition makes Bitcoin more challenging. Everyone needs to have better patience and risk control capabilities; otherwise, they may lose their positions before the big bull market even arrives.