Back to square one in a week—BTC’s rebound fully unwound

On July 21, it surged to $66,890, and everyone in my social circle was shouting “The bull is back.” Four days later? $64,000. Everything was given back. What happened:
① Nasdaq 100 fell to a new 11-week low—AI is burning cash too aggressively, and the market isn’t buying it; tech giants wiped out $800 billion in a single day
② ETF flows made a 180-degree turn—after seven straight days of net inflows totaling about $1 billion, on July 24 there was a single-day net outflow of $225 million; BlackRock alone ran for $202.5 million
③ The 10-year US Treasury yield hit 4.71%, its highest in nearly a year—when risk-free yields are this high, who would take chances? Plus, the US-Iran conflict has already entered day 13, with Brent crude up 10% over the week. Inflation expectations are back up again. The fear & greed index is 27—fear zone. The engine driving this rebound was ETF capital flowing back in. Now the engine has stalled.
$BTC #Bitcoin #BTC