Opinion: The recent volatility of Bitcoin is a liquidity reset rather than a structural turning point, and it still exhibits high-risk asset characteristics in the short term Odaily Planet Daily News: QCP executive Elbert Iswara stated in an interview that Bitcoin's recent rapid rebound from around $60000 to above $70000 is more likely to be a liquidity reset rather than a structural change in the market. He pointed out that despite experiencing a rapid pullback, the current price stabilization indicates that long-term demand from holders and institutions still exists. Elbert Iswara believes that the current market direction is mainly dominated by macro liquidity environment and changes in interest rate expectations, while internal factors in the cryptocurrency market such as ETF fund flows, derivative positions, and deleveraging amplify the volatility and speed. He stated that in the short term, Bitcoin's performance is closer to that of a high beta risk asset that is sensitive to liquidity, especially during the period of declining risk appetite, but this does not mean that its long-term value storage narrative is invalid. Bitcoin is more similar to a hybrid asset that switches properties with macroeconomic cycles. In the short term, it is important to focus on the key range of $60000 to $65000, changes in ETF fund flows, leverage and liquidation, as well as changes in the correlation between Bitcoin and the US stock market. In the long run, the market should pay attention to the stability of institutional participation, the maturity of market structure, and the growth of adoption rate.