Institutionalization has indeed changed the structure, but the short-term key points are the progress of the bill and leverage liquidation. First, observe and don't rush to buy the dip.

Wu Says He Learned That Zach Pandl, head of Grayscale’s research department, released the latest analysis report. With Bitcoin’s price falling below $60,000 and setting a new low for this cycle, a range of composite on-chain valuation indicators all show that BTC is far below its long-term average, indicating that Bitcoin is currently undervalued. Zach believes that, because the prior bull market performed relatively moderately, along with the launch of ETP products and the rollout of wealth management platforms—both of which have improved market structure—this bear market’s decline may be shallower than in the past. Looking ahead, Zach said two key catalysts should be watched: the progress of the Senate’s “Clarity Act” and whether leveraged Bitcoin holders can keep their balance sheets stable.