Last night, two messages came one after another, tearing the market sentiment in half. On one side was the warning from CryptoQuant - Bitcoin demand has bottomed out, the Bear Market has landed, and the target is directly pointing to $56,000. On the other side was Arthur Hayes's bold assertion - the new tricks from the Fed are "quantitative easing under the radar," secretly providing blood transfusions to the market.

You are torn between following the panic or buying the dip, but the on-chain data tells a more heartbreaking story: Hyperliquid saw a net outflow of $4.3 billion this week, as those big players are voting with their feet and quietly shifting their positions.
This is not just an old showdown between bulls and bears, but a psychological battle concerning "who controls future liquidity." Those quick-reacting traders have already moved some of their chips to new positions that can both avoid risks and quickly launch before the storm arrives.
The market has started to "split personality": on one side is the iceberg, on the other side is the undercurrent.
The current market is like someone with schizophrenia —
Cold bearish signals: The data is there, and it can't be hidden. The coins on the exchange are piling up, and the enthusiasm of institutions is cooling down; these are all tangible bearish signals. On top of that, there's the regulatory sword hanging over our heads - how the SEC will handle the FTX executives' situation, and concerns about the potential expansion of control over stablecoin yields, these pressures come one after another.
Bullish factors lurking beneath the surface: To say there are no opportunities would be too naive. If Hayes' "implicit QE" logic holds, the flood of fiat currency will eventually flow into all scarce assets. More importantly, the underlying infrastructure is upgrading and iterating at a visibly rapid pace.