0x-fish

It feels like it's no longer just a matter of bull or bear markets; it seems the entire cryptocurrency space is on a downhill slope.

Bitcoin is not just a door; it has become unsellable.
Money is clearly relocating, moving to buy gold and tech stocks, which either have public consensus or cash flow.

Bitcoin is now in a very awkward position; its rise depends on imagination. Once liquidity is withdrawn, it can slide down easily.

Without new stories or profit-making effects, there’s no social capital entering. Retail investors are not buying, and new entrants are not coming in.

Institutions are the most astute; they only seriously increase their positions when real systemic risks arise, and the world is not chaotic enough to warrant mandatory purchases right now.

What remains is mostly arbitrage capital and short-cycle trading. The market has not collapsed but is clearly lacking vigor.

What worries me more is that Bitcoin's positioning seems to be problematic.
It is becoming increasingly compliant and accepted,
while the core narrative of being anti-system, decentralized, and bypassing regulation is weakening, yet it hasn’t reached the point where gold is naturally allocated when the public has money.

As for stock tokenization and prediction markets, they seem more like lifting someone else's sedan. Under high-interest rates and strong regulatory expectations, capital only recognizes two things: those that can continuously make money or those explicitly endorsed by the system.

Bitcoin, which does not yield interest and lacks new narratives, naturally gets pushed aside when institutional uncertainty temporarily decreases.

Now it's quite awkward; no one feels compelled to buy Bitcoin.