This round of Bitcoin did not continue to show the strong trend many people expected under the background of liquidity expansion.

One very important reason is that the new US dollar liquidity was first absorbed by the AI sector.
Many people are used to directly interpret "loose liquidity" as "BTC should rise," but reality has never been so linear.
Liquidity is indeed increasing, but the problem is where that money went first.
Recently, what has been more popular are AI leaders, high-elasticity assets in the US stock market, and the narratives around AI in both primary and secondary markets.
Bitcoin hasn't completely benefited, but the portion it received isn't as much as market imagination suggests.
So I think, the performance of BTC during this period is not just a problem of crypto itself, but more like a structural shift in global risk capital.
No matter how strong a market is, it can't withstand funds first chasing other hotter stories.
If oil prices continue to rise, combined with the supply pressure from large AI IPOs, and the potential volatility triggered by the US political cycle itself, the bubble of high-valued AI assets may be pierced.
Once something goes wrong on that side, risk assets are likely to be pressured together, and the crypto market will find it hard to be immune in the short term, possibly even falling first along with them.
But this does not mean I am pessimistic about Bitcoin's future.
On the contrary, I think if we truly go through a process of "killing AI valuations first, then reallocating liquidity," Bitcoin might actually become an asset that benefits in the latter half.
Because it remains the most liquid, most consensus-driven, and best able to absorb shocks within the crypto market.
So my current logic is very simple:
This round is not about liquidity not coming, but about liquidity first going to AI.
If the AI bubble bursts first, crypto will likely be dragged down in the short term; but once the risk is released, BTC is more likely to become the first stop for the next round of liquidity inflow.
When the market really starts to contract, many high-elasticity narrative assets will fall behind first, and ultimately funds will still flow into the most solid assets.
For me, this is also why, at this stage, I prefer to refocus on BTC and ETH rather than those names that surged the hottest earlier.