Indeed, this market trend reflects the missing links in the original investment logic: 1️⃣ Lack of geopolitical factors Everyone thought currency depreciation pushed gold prices higher, but the real driver was geopolitical tensions. Bitcoin hasn’t established this kind of safe-haven consensus yet, so it naturally missed out on this wave of gains. 2️⃣ Lack of credit cycle, money isn’t “loose” enough Previous bull markets were always accompanied by credit expansion, but not this time. The polarized economic environment isn’t favorable for risk assets like altcoins. 3️⃣ Liquidity got snatched Funds within the market are limited, and BTC has been heavily diverted by AI concept stocks and precious metals. To put it simply: investing is like solving a puzzle. You think you’ve got it right, but you might still be missing a few key pieces. And often, it’s those invisible factors that determine winning or losing.