#加密市场回调 $BTC $ETH Many people are unaware of the huge differences between varieties. Looking at the K-line chart, they all seem the same, but the underlying logic is completely different. Now, many people attribute the pullbacks to the Federal Reserve's monetary policy, but how important is this dimension? Where exactly does Bitcoin's decisive influence lie?

Experienced investors surely know that around 2017, hardly anyone was considering macroeconomic factors for Bitcoin, because the market structure was mainly composed of individual investors. Their funds were not influenced by such monetary policies and they did not have this habit, especially during weekends and holidays, when the volatility was particularly high. In short, it's all retail investors playing.

Since Bitcoin has been accessible through ETFs, the market structure has undergone some changes. With the participation of traditional institutions, institutional funds are affected by monetary policies, and they are also accustomed to paying attention to economic policies. They don't work on weekends, so volatility during weekends and holidays is smaller than usual. The involvement of institutions has led to a certain connection between Bitcoin's ups and downs and the Federal Reserve's policies.

However, the determining factors for Bitcoin's price movements are fundamentally not based on this.

Comparing Bitcoin to spot gold can better illustrate this point. As a traditional financial instrument, spot gold has opened nearly all available funding windows. ETFs, exchanges in various countries, funds, and bank wealth management all showcase gold. But what about Bitcoin?

According to some institutions' calculations, Bitcoin would need to reach one million dollars for its market value to be close to that of gold. So, savvy you have discovered that the size of funding windows is decisive for Bitcoin's impact because of its immense potential. To attribute Bitcoin's price fluctuations to monetary policy is too late; Bitcoin has not yet grown up and is not yet qualified.