The recent resilience of the market is indeed a bit "outrageous", insisting on not falling at all.
Even though the risks from geopolitical conflicts have not yet dissipated, Circle is still continuously selling off, and the market has almost erased the expectations for interest rate cuts by the Federal Reserve, yet BTC has hardly moved. This phase is a typical accumulation of negative news that refuses to correct, and Grayscale's daily report also indirectly confirms the change in the structure of holdings.
From a macro perspective, the current risk premium is no longer completely following U.S. Treasury bonds. In the past, retail investors would have fled in such an environment, but now with this sideways movement, it is clear that some large funds have firmly absorbed the selling pressure. The seasoned investors can probably smell the "institutional competition" in the air, and the bears are really struggling this time; the bad news turning into good news makes one hesitate to short the market. #Macro #Crypto #Fed #Grayscale $BTC
