From my personal understanding, although many friends believe that the long-term price impact on $BTC is not significant, I agree with that. However, in recent years, the impact has been substantial. Although it is related to stablecoin legislation, there are three very important points:
The most direct point is that the significant rise in Bitcoin since last November has been due to Trump's support. Once the market expects that Trump's influence is waning, the outlook for the future will inevitably weaken.
The stablecoin legislation is the most significant event in the cryptocurrency industry since Trump's election, and it can be said to continue the development of dollar hegemony. Therefore, its passage is certain, as it includes the Federal Reserve's support for the bill. If it cannot pass, the development of cryptocurrency in the U.S. will definitely face obstacles. The reason for not passing is that some details need to be renegotiated, rather than issues with the overall direction of the bill.
The purchases by publicly listed companies are due to presidential and policy support. If this support is lost, these currently profitable companies may not rule out the possibility of selling off. According to cycles, unless there is stronger support next time, it will still rely on time to build up.
The above is my personal opinion and may not necessarily be correct.
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