[Riot Platforms Vice President of Research: Bitcoin Can Be Understood as a 'Savings Reservoir' for Global Excess Capital] According to a report by Jinse Finance, Riot Platforms Vice President of Research Pierre Rochard stated in an article that Bitcoin can be understood as a 'savings reservoir' for global excess capital: When interest rates are low, liquidity is abundant, and physical investment opportunities with high expected return on invested capital (ROIC) are scarce, savings capital flows into Bitcoin—due to its absolute scarcity as a global digital open-source network with a fixed supply of 21 million coins. Over time, more and more Bitcoin is held by long-term holders, corporations, exchange-traded funds (ETFs), and government institutions, which regard BTC as a strategic reserve asset rather than transactional inventory. This results in Bitcoin's effective circulating supply becoming highly rigid: new demand is mostly reflected through increases in fiat-denominated prices rather than through new tokens entering market circulation. When market conditions reverse (e.g., interest rates rise or risk appetite declines), speculators may choose to sell, but a large number of long-term savings-oriented holders will not follow suit; most of the capital entering the market will remain settled. This supply-demand asymmetry creates a 'ratchet effect' for Bitcoin's exchange rate: while deep corrections are not uncommon, the post-crash bottom is often higher than the low point of the previous cycle.