The Anomaly Behind BTC's "One-Man Show"
When the price of Bitcoin breaks through previous highs, the entire market should be bustling, yet the reality is that the exchange's contract liquidation leaderboard is more active than the gain leaderboard. This abnormal phenomenon hides three key signals:
Institutional Buying vs. Retail Investors Missing Out
Grayscale has stopped selling for 13 consecutive days, BlackRock's spot ETF holdings have surpassed 300,000 coins, and Wall Street is frantically buying Bitcoin, treating it like digital gold with real money. In contrast, the retail front is characterized by a persistently low USDT premium, and the trading depth of altcoin pairs on exchanges is as thin as paper—large funds are aggressively increasing their positions in the BTC battlefield, while small retail investors hesitate at the entrance of the altcoin market, holding onto their wallets.
Policy Tailwinds vs. Macro Headwinds
The U.S. House of Representatives has suddenly accelerated the advancement of the "Payment Stablecoin Transparency Act," and the SEC has made a 180-degree turn in its attitude toward Ethereum ETFs. These regulatory tailwinds should have sounded the horn for an altcoin season. However, the reality is that the continued rise in U.S. Treasury yields is putting collective pressure on risk assets, creating a strange balance of "hot policies, cold funds."
