#btc$btc As narrative fades, value emerges: the market is completing a critical “stress test”
Key dynamic insights:
1. Is the “digital gold” narrative collapsing? No, it’s the “speculative bubble” being squeezed out.
◦ Increased correlation indicates that crypto assets are being officially priced by global capital markets, a necessary step toward maturity. Each reconfiguration of correlation is a process of long-term value anchoring.
2. Is there a massive withdrawal of institutional funds? No, it’s a “liquidity pressure release” in the short term.
◦ The phased outflow from ETFs is a normal