Bank of America directly pushed the rate cut expectation from "this year" to the second half of 2027, which is like pouring cold water on the liquidity expectations for all risk assets.

For Bitcoin, this impact hits right at the core — it is essentially an asset driven by dollar liquidity. The longer the risk-free rate stays high, the less incentive funds have to give up high-yield dollars to chase volatile cryptocurrencies. The rate cut premium previously priced into the market now needs to be gradually squeezed out, and short-term volatility pressure will only increase.

This year, the window for rate cuts has completely closed, meaning the optimism previously supported by "liquidity easing expectations" will quickly return to reality. Moving forward, Bitcoin's trend will rely more on institutional holdings and on-chain liquidity data rather than just macro narratives.

Of course, there’s still some chance — geopolitical conflicts can occasionally trigger its safe-haven attributes to support the market, but the overall trend still follows dollar liquidity. To put it simply, in the next two years, don’t expect to win by just waiting for rate cuts; instead, focus on finding certainty within ranges and rely on real skills to make a living. #Gate广场五月交易分享 $BTC