It feels less like a bull or bear market issue and more like the entire crypto space is heading downhill. Bitcoin is not a gate painting; it's just not selling anymore.

Money is clearly moving elsewhere, mostly into gold, tech stocks, or assets with either broad consensus or cash flow. Bitcoin is now in an awkward position—its rise relies on imagination, and once liquidity is withdrawn, it drops quickly. Without new stories or profit effects, social funds don't enter, retail investors are not buying, and new retail investors are not coming in.
Institutions are the smartest—they only seriously increase positions when genuine systemic risks appear, but right now, the world isn't in a chaos that makes buying unavoidable.
Most of the remaining funds are arbitrage and short-term trading, the market hasn't collapsed, but there's no real enthusiasm. What worries me more is that Bitcoin's positioning seems to be problematic.
It's becoming more compliant and accepted, but the core narrative of anti-establishment, decentralization, and circumventing regulation is weakening. Yet, it hasn't reached the stage where the public naturally allocates wealth to it like gold. As for tokenized stocks, prediction markets, these seem more like riding on others' coattails—under high interest rates and strong regulatory expectations, funds only recognize two things: assets that can continuously generate profits or those explicitly backed by the system.
Bitcoin, which doesn't generate interest and lacks new narratives, naturally gets pushed aside when systemic uncertainty temporarily decreases. It's quite awkward now—no one feels they must buy Bitcoin. #ETH走势分析