[10x Research: The 'Safe Haven Myth' of BTC Fails, Some Retail Investors Misjudge Cycles and Go Long During Market Pullbacks] Deep Tide TechFlow reports, on March 31, 10x Research posted on the X platform stating that under the current backdrop of U.S.-Iran conflicts, Bitcoin has not demonstrated its 'anti-inflation' or 'safe haven asset' attributes. Instead, it has fallen in sync with other risk assets, indicating a shift in its price-driving logic. However, in the current market environment, investors are generally misinterpreting Bitcoin, treating it as a safe haven asset and overly relying on an invalid liquidity model. 10x Research pointed out that the introduction of Bitcoin ETFs has brought a new group of investors into the crypto market, most of whom come from Wall Street and focus more on macroeconomic variables rather than on-chain applications or network growth metrics. However, not all 'macro' indicators are applicable to Bitcoin. Meanwhile, some retail investors continue to rely on the 'four-year cycle' or extend it to a 'five-year cycle' narrative, leading them to persistently go long during downturns, resulting in greater losses.