The core contradiction in the recent market has shifted from "emotion-driven" to "macro pricing."

As expectations for Federal Reserve rate cuts continue to be delayed, U.S. Treasury yields rise again, and global liquidity margins tighten, directly compressing valuations of various risk assets, including Bitcoin. More importantly, the market structure is undergoing a profound transformation.

ETF capital inflows are no longer a one-way amplifier of frenzy but show a steady characteristic of "both in and out."

This marks that Bitcoin is gradually shedding its purely emotional asset attribute and is being officially incorporated into the asset allocation framework by global institutions based on the classic risk asset pricing logic.

In the short term, under this macro suppression environment, the market is unlikely to show trend-driven rallies; volatility, oscillations, false breakouts will dominate the rhythm.

But from a medium- to long-term perspective, this is precisely a healthy "de-foam" process. The real opportunity has never been during the most exuberant emotions but during phases of macro suppression and narrative cooling—when capital quietly reconfigures itself. The market hasn't weakened; it has just shifted to a more stable mode of operation.

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