Franklin Templeton executive on CNBC said something worth highlighting:

The BTC decline is due to "macro pressure," and it is essentially a "frontier risk asset."
Note this wording. "Frontier"—not core, not mainstream, but fringe. "Risk asset"—not store of value, not hedge, but high beta.
In 2020, BTC's narrative was "digital gold." In 2024, after the ETF approval, it was upgraded to "institutional allocation asset." In 2026, the asset management firm managing $1.5 trillion called it a "frontier risk asset" on CNBC.
This is not bearish, this is a downgrade.
He also mentioned BTC's "internet asset attributes and AI synergies"—translation: BTC's value is not in itself, but in its correlation with other narratives (AI, internet property rights). When your bull case needs to piggyback on another track, it means your independent narrative can no longer stand on its own.
Fear and Greed has been below 20 for seven consecutive days, and BTC has been sideways at $60K for two weeks. The signal Wall Street is giving you is clear: in their framework, BTC is not an asset you "hold," but an asset you "trade."
Stop asking "Is BTC really digital gold?" The people managing $1.5 trillion have already answered: no.