This week, U.S. Bitcoin spot ETFs saw a net outflow of $1.78 billion, with over $4 billion in net outflows this month. What used to be a continuous inflow during the upward phase has now gradually shifted to a phase of net outflows. What goes around comes around. Global macro liquidity remains tight, while assets like AI continue to siphon off risk capital. BTC is in a pretty uncomfortable state right now. This time, even after it dropped below $60K, I didn’t add to my position. MicroStrategy might not collapse in the short term, but to me, it feels like a cancer patient—still holding on for a few more years. Whether the Fed will inject liquidity during these years, or who will take over MicroStrategy’s holdings to let them cash out big, I don’t know. Maybe I’m being too pessimistic, but I can’t figure out how MicroStrategy plans to save itself. The gold positions I built are floating at a slight loss, but holding long-term carries no risk. In the long run, gold always goes up. I’m also considering building positions in U.S. stocks during pullbacks, as liquidity, when it comes, will likely flow here first. AI isn’t a bubble; it’s just being priced by the market in a bubble-like way for now. AI represents a rewrite of the productivity structure.