#机构采用 Summarized recent on-chain signals and macro overlay effects. The logic behind Bitcoin's recent decline is quite clear — forced liquidations triggered a chain reaction on the technical side, while legislative stagnation weakened institutional expectations of continued buying.

The key factor is MicroStrategy's stock performance. Concerns over equity dilution overshadowed the positive news of increased holdings, indicating that market confidence in the narrative of institutions adopting Bitcoin is waning. The previous wave of corporate buying effects is clearly weakening and has now become a pressure point.

Additionally, with rising global policy uncertainty, risk assets are under pressure. Compared to gold approaching historical highs, capital is seeking safer hedges, which is negative for short-term crypto market sentiment.

The recent strategy focus is on observing whale addresses' movements at this low point — if institutions truly intend to continue allocation, there should be signs within this range. Also, monitor on-chain fund flows after forced liquidations to see if they have bottomed out.