#比特币与黄金战争 Recently observed a phenomenon and want to discuss it with everyone.

Last week's liquidity data was truly shocking: the Federal Reserve injected $6.8 billion into government bonds, the U.S. Treasury issued $70.5 billion in stimulus, directly pumping $17.75 billion into the economy, and even China simultaneously released 8,627 billion RMB. According to historical patterns, this combination of measures should have ignited the crypto market—tokens like ZEC, FLOW, DOGE should have been eager to move.

But that's not what happened. The market remained particularly cold.

This is the core of the problem. With so much money, why is confidence still lacking? I break down the issue into three main points—first, the collective sell-off of profit-taking positions; the previous highs have now become brick walls that no one can break through. Second, macro expectations are a tangled mess—whether interest rate cuts will happen and when has become a gambling game. Third, geopolitical tensions are everywhere, with black swan events potentially flying in at any moment.

More importantly, the way the market operates has changed.

The old logic was simple and crude—liquidity is abundant, so prices go up; money equals success. Now? Sentiment, regulatory stance, and the number of real on-chain users are the new steering wheel. No matter how much liquidity the central banks pump, it can only support the floor; it can't create a bull market. It's like punching cotton—no matter how hard you hit, it’s useless.

So what should we do now? My view is not to be blinded by liquidity data. True turning points often come when everyone is at their most desperate. In the short term, watch whether regulators give the green light; in the medium term, see if on-chain user growth continues; in the long term, observe whether institutions will reallocate into crypto assets.

Right now, it’s about holding your ammunition and waiting for that moment—when sentiment and capital resonate together.