The recent crypto market seems to be changing rapidly, but the underlying logic is actually quite clear—Bitcoin is being revalued by global capital. This shift in pricing power is quietly happening amid regulatory battles, actions by major institutions, and market segmentation.

Regulators have never focused on BTC itself; the real point of tension lies in "on-chain USD"—stablecoin products that offer 3-4% annual yields. These products are comparable to bank savings accounts with less than 0.1% interest, essentially siphoning funds from the traditional financial system. Coinbase once supported the 《Clarity Act》 amendment but later withdrew it; Wall Street banks also collectively oppose it. What is the fundamental reason? Stablecoins bypass banking intermediaries, creating a new channel for USD circulation. Regulatory deadlock seems to disadvantage the crypto industry, but in fact, it demonstrates that on-chain finance has become powerful enough to challenge traditional systems. As for decentralized assets like Bitcoin? They are not even on the regulatory radar.

The true market signals are hidden in the actions of major institutions. When BTC prices stagnate, BlackRock pulls over 9,000 coins from exchanges within two days, worth nearly $1 billion, and then transfers them into custody accounts. What does this indicate? Institutional investors are well aware—they are not waiting to see what regulators say, but actively locking in their positions. History repeatedly shows that price consolidation with continuous outflows from exchanges is never a top signal; rather, it is strong evidence of long-term capital deployment.

Meanwhile, the sharp decline in the InfoFi sector is performing a "bubble burst surgery" on the market. Those overhyped projects are being cleared out one by one, and the market is completing the process of survival of the fittest in the most direct way.