Actually, BTC's resistance to inflation needs to be viewed from two types of inflation. One is slow fiscal inflation. Things like fiscal deficits, long-term currency depreciation, and the dilution of sovereign credit enhance BTC's narrative as a scarce asset, making it favorable for mid-to-long-term allocation of the big coin. The other is rapid energy-driven inflation. A sudden spike in oil prices raises inflation expectations, policy rates, and U.S. Treasury yields. On the trading side, BTC behaves more like a high-duration liquidity asset, which leads to short-term valuation pressure. So the current situation isn’t contradictory: The long-term currency depreciation narrative supports BTC, while the short-term high-interest-rate narrative suppresses BTC. These two forces cancel each other out, so the price naturally moves sideways. And as long as the 10-year yield continues to approach 5%, it’s hard for the long-term narrative to immediately translate into sustained buying pressure for BTC.