The recent rebound of Bitcoin? To be honest, it's really not strong enough. It has been in a downward movement for the past month, accumulating a fall of 22%. The expectations of point shaving from the Fed have completely cooled down, and institutions are collectively giving up, causing the confidence of risk-averse funds to collapse like a house of cards - once panic sets in, the rebound turns into a joke.

The data from the funding side is even harsher. From November until now, there has been a net outflow of over $1.3 billion from ETFs, with 320,000 coins directly sold off in just one month. Those whales have long been well-fed and are now busy cashing out and fleeing; the bottom support? It's been hollowed out long ago. The worst was on November 5th, when the scale of liquidations in a single day soared to $2 billion, with nearly 500,000 people directly liquidated and forced out. This kind of "dump at the first fall" herd effect is crushing the market severely.

But there is another side to this matter. Central banks around the world are still secretly accumulating BTC, and the new U.S. government's attitude towards cryptocurrencies is also relatively friendly, with policy expectations set in place. Now that the leading funds have taken their profits and exited, the market has instead created space—this pullback might actually be an opportunity for a second entry. If those policy commitments from earlier truly come to fruition, the logic of being bullish in the medium to long term still holds water.