After the Fed's rate hike, U.S. capital is genuinely spooked. From September 15–17, U.S. spot BTC ETFs saw net outflows for three consecutive trading days, totaling approximately $754 million. If we include the past seven trading days, the net outflow has already exceeded $1 billion. Yet BTC is still holding strong around $76,000. This actually further validates what Willy Woo said a couple of days ago: He believes there's a 90% chance BTC has already bottomed out—not because of the four-year cycle, but because long-term investor liquidity is coming back. Earlier, he also mentioned that BTC and U.S. stocks are showing signs of a rare decoupling, similar to what happened in 2015. So, I think the more cautious U.S. capital is now, the more interesting things will get later. Right now, ETFs are selling off continuously, demand on Coinbase is weak, and yet Bitcoin still isn’t crashing. This shows that the current price level isn’t being propped up by U.S. investors. If BTC really starts climbing back up from here, U.S. capital will eventually face a tough question: if they didn’t dare to buy at $75,000, what will they do when it’s $80,000, $90,000, or even $100,000? The best fuel for a bull market often isn’t the people who are already all-in, but those who are still on the sidelines waiting for a “safer” entry point.