The cruelest saying in the market is not:

BTC dropped.
Rather:
Even ETFs are not buying.
Continuous net outflows indicate that capital is voting.
Institutions won't talk tough.
Capital won't lie.
They won't tell you why they sell.
They will only silently press the sell button.
Many people are still studying support levels.
But real support has never been 60k, 50k, or 40k.
It is whether new capital is willing to take over.
Without capital,
All support will become resistance.
Without liquidity,
All positive factors will become invalid.
Remember one sentence:
In a bull market, capital determines price.
In a bear market, price is merely the result of capital flow.
Current BTC is not waiting for a rebound.
It is waiting for capital to return.
And before that,
Any rebound may just be a brief gasp during the decline.
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