After BTC got packaged into traditional finance through ETFs, its reflexivity has weakened a lot. Most noticeably, in previous cycles, when BTC dropped to key levels, native crypto funds and on-chain whales would create strong reflexivity, quickly pushing prices up and squeezing out some shorts. Now, BTC is completely dominated by the portfolio rebalancing logic of traditional market funds. Or in other words, BTC is getting further and further away from native crypto investors.