Wu learned that Grayscale Head of Research Zach Pandl said in a post that Bitcoin fell below $60k this week, dropping over 50% from its October high of $125k. However, he believes this pullback remains a cyclical adjustment within the long-term upward trend. Pandl stated that Bitcoin's recent pressure is mainly driven by changing expectations of Federal Reserve policy, with the market currently anticipating rate hikes rather than rate cuts this year. Additionally, the uncertainty over the passage of the CLARITY Act, pressure on Strategy's leveraged balance sheet, and digital security risks related to quantum computing are also weighing on the market. Grayscale believes that if the CLARITY Act passes the U.S. Senate, Strategy strengthens its balance sheet, and the Fed holds off on rate hikes, Bitcoin may be close to its bottom. If the CLARITY Act fails to pass this year, DAT further deleverages, and the Fed raises rates due to inflation, Bitcoin could continue to decline moderately.