🚨Bitcoin has become a stock on Wall Street. These days, Bitcoin has plummeted back to just over 70,000, and I only have one thought: this thing is no longer the original Bitcoin; it has turned into a major stock in the stock market. First, let’s talk about the most heartbreaking fact: the US now has a Bitcoin ETF, with institutional funds, pension funds, and Wall Street giants all rolling snowballs inside. After the ETF approval in 2024, Bitcoin’s price trend is highly correlated with the Nasdaq. When the Federal Reserve’s rate cut expectations change, it immediately follows the US stock market’s dive. Where is this decentralized currency? It’s clearly a “US stock crypto version”—rising depends on Fed’s liquidity injections, falling depends on rate hikes + risk appetite decline, not much different from gold or the Nasdaq. On the other hand, China’s attitude towards citizens participating in digital currencies is extremely cautious. Mainland China has basically banned crypto trading, and although Hong Kong has licenses, ordinary people face layered restrictions when trying to participate in large amounts. The result is: one of the world’s largest Bitcoin demand pools has been artificially cut off, with most remaining liquidity concentrated in Wall Street and among institutions. Decentralized? A joke. True decentralization requires free participation of retail investors worldwide. Now it’s become “American institutions call the shots.” The price has already given the answer: from the high of 110,000, it’s now unable to hold 70,000. When market sentiment shifts, institutional selling pressure crushes everything. In the coming months, if the Fed slows down rate cuts or the US stock market continues to retreat, Bitcoin is very likely to break below $60,000, and even $50,000 is almost a high-probability event. It is no longer a “hard asset to hedge against inflation,” but a magnifying glass for risk assets—when risk appetite is good, it soars; when risks rise, it falls even harder than stocks. Bitcoin’s former narrative—decentralization, anti-government, free currency—has been thoroughly diluted by Wall Street’s ETFs and institutional funds. Now, it’s more like a large-cap stock driven by Fed and Wall Street sentiment, rather than a revolutionary asset. Do you still believe in Bitcoin’s decentralization story? Or do you think it has completely turned into a shadow of US stocks? #蛮子讲投资 #比特币 #Cryptocurrency