The bottoming phase is more honest than the bull market narrative—at least it doesn’t deceive people.

Bitcoin faces pressures such as a hawkish U.S. Federal Reserve, Iran-related risks, and resistance from the CLARITY Act, but structural deterioration has not yet appeared and it is in a fragile basing phase. Over the past eight weeks, spot ETF net outflows were about $8 billion, a record, but fund flows have already stabilized; the real impact lies in breaking the “never sell coins” narrative, not the magnitude of selloffs.