External environment is indeed a bit chaotic. Tariffs fluctuate, geopolitical conflicts escalate, macro variables come one after another. In this context, Bitcoin's volatility is not surprising at all.

Risks haven't been fully released, and funds are hesitant to make a definitive stance all at once. Sentiment remains tense, and many are waiting for a clear direction.
At this stage, the worst thing is not a slow decline, but liquidity suddenly drying up. Crashes often occur when (everyone thinks they can still hold on) is happening.
But there are also changes on the other side. The Federal Reserve's attitude towards the crypto industry is softening, no longer using the "reputation risk" argument to restrict banks. Being able to open accounts normally means the capital channels are being restored.
Macro factors are suppressive,
Policies are cushioning.
It's true that these are turbulent times, but cycles have always progressed in complex environments.