Wu Says learned that, according to XWIN Research Japan’s analysis, the US CPI year over year rose to 3.3% in March 2026, with inflation ticking back up and also changing the market’s understanding of how BTC is priced. However, the institution believes that this round of inflation is more like a result of supply shocks—such as rising oil prices and supply-chain disruptions—rather than overheating demand.

In this environment, BTC can no longer be simply seen as an inflation-hedge tool; its price is more affected by changes in real interest rates, the US dollar, liquidity, and overall demand. In 2026, with inflation still remaining relatively high, BTC instead weakens—showing that what Bitcoin truly trades on is the transmission chain “inflation → monetary policy → liquidity → demand,” not inflation itself.