There's been a noticeable shift in the market recently: Before, when people talked about bitcoin:native, the focus was on halving, inscriptions, and the ecosystem. Now, when people talk about BTC, it's all about how much is flowing into ETFs and whether institutions are buying or not. A lot of people are still using the mindset from the last bull market to analyze the market, but this time, what truly impacts the price isn’t how good the story sounds—it’s about who’s actually putting real money on the table. So, you’ll notice this phenomenon: When BTC drops, the whole market feels down. It’s not that projects are getting worse—it’s just that there’s not enough liquidity. Every major bottom in history has one thing in common: It’s not because the price dropped hard enough. It’s because sellers couldn’t sell anymore, and buyers started stepping in. Right now, the most important thing isn’t guessing where the bottom is. It’s watching when the money comes back, because prices can lie, but capital doesn’t.