Bitcoin bitcoin:native has been doing just enough to frustrate everyone, which is usually when people start drawing the wrong conclusions.

We are watching multi-billion mega-cap tech names move like small caps. $AMD, Micron $MU, Dell $DELL, $TSM and other AI-related names have shown that the market is not out of liquidity and when capital moves onto a theme, the moves can be violent and fast.
Liquidity has simply been concentrated in the most obvious narratives AI infrastructure, semiconductors, compute, and the companies enabling the next technology cycle. A lot of these moves are rational and earnings driven too. AI is real, the compute demand is real, the capex cycle is real.
Bitcoin also sits closer to that same conversation than most people want to admit. It's a scarce, global, monetary network asset living at the intersection of technology, AI, energy, and capital markets. One of the only assets in the world with a fixed supply, global liquidity, and direct sensitivity to the long-term debasement problem.
Look, the US fiscal debt issue is not getting cleaner. Deficits are not shrinking in any meaningful structural way. Interest expense is becoming a bigger and bigger part of the budget. At some point, the policy response from Washington will be what @jameslavish @LawrenceLepard have been talking about....the impending Big Print. Look at what yields are telling the market.
Also, if mega-cap tech can move +20%, +30%, or more, in a DAY, I would be very careful assuming Bitcoin cannot have a similar moment when the market remembers what problem it was built to solve. Watch how quickly liquidity can rotate once it feels its squeezed enough juice from the right narrative.
Bitcoin's volatility is lower than in prior cycles, that's fine. It's what happens when an asset becomes more institutionalized. The market structure is more mature, the composition of holders is also different. But, lower volatility does not mean the asymmetry is gone.
The lack of interest, poor sentiment and endless frustration that price is barely above the 2021 high is exactly what makes the setup interesting.
Buy assets when nobody cares, especially Bitcoin