The taste of this wave of halving is too strong, dropping from 127,000 to 60,000, directly extinguishing the frenzy from last year.
Essentially, it's the tightening of global liquidity that is killing valuations. The Federal Reserve's continued balance sheet reduction coupled with a strong dollar puts immense pressure on the credit market, and on-site funds are also being diverted by various large IPOs, making BTC indeed decouple from its fundamentals in the short term.
2026 is highly likely to be a grinding "transitional year"; the initial deleveraging hasn't fully played out, and the current fluctuations are typical of a chip restructuring. Don't fantasize about a direct V-shaped recovery; without improvement in liquidity to support this underlying narrative, rebounds are often short-lived.
At present, the market emphasizes a word: "endurance," to see who gives in and exits first. Can you still hold the goods in your hands? #MacroeconomicAnalysis #Liquidity #Cryptocurrency #美联储 $BTC
