The recent market conditions are really frustrating.

There’s nothing major happening, the fundamentals haven’t collapsed, but the price just won’t move. In the past, buying ETFs would send prices soaring, but now it has become a selling pressure signal. What is really hidden behind this?

I went through several key clues:

**The situation with stablecoins is not calm.** S&P has directly labeled USDT as high risk; although there have been rumors about this for a while, the market's reaction has been noticeably more sensitive this time. Furthermore, with increasing regulatory scrutiny in certain regions, the everyday use cases are indeed narrowing.

**The path for listed companies to buy coins may be blocked.** There are rumors that in the future, companies holding too much Bitcoin will be removed from mainstream indexes. This will trap Saylor's strategy, and the door for institutional funds to flow in is closing.

**The traditional market is frantically trying to secure funds.** Tech giants are flocking to issue bonds, and even the most specious AI concepts are still attracting investment. With money flowing into the bond market, who would still want to touch such high-volatility assets?

**Risk aversion sentiment is at an all-time high.** Gold and silver spot prices have been bought out, and inventories have plummeted. This signal is very clear—funds are fleeing risk assets.

When you put it all together, it becomes clear: **This is not just a simple bull-bear transition, but a war over control of capital.**

In the past, liquidity was ample, and everyone kept to their own. Now that the global market has shrunk and the cake has gotten smaller, traditional finance has begun to eye the crypto market as a juicy target. The current downtrend is essentially a turf war between old and new forces.

In the context of tightening liquidity, this game has just begun. During market fluctuations, understanding the rules of the game is more important than blindly trying to catch the bottom.