$BTC After being packaged into traditional finance by ETFs, reflexivity has weakened significantly.


Most intuitively, in previous cycles, when BTC fell into key ranges, crypto-native funds and on-chain whales would form strong reflexivity, quickly driving it back to harm and force losses on some shorts.
Now, BTC is already completely dominated by the rebalancing logic of funds in traditional markets.
Or, put another way, BTC is getting farther and farther away from crypto-native investors.
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