#加密货币监管立法 The key resistance points for Bitcoin's recent decline are actually quite clear: legislative progress has been hindered, compounded by forced liquidations, exposing the fragility of the funding environment. Looking at MicroStrategy's stock performance can give a true sense of market sentiment— the positive outlook of continuous Bitcoin accumulation is completely offset by concerns over equity dilution, indicating that institutional buying momentum is indeed waning.

What’s more worth noting is the decline in global risk appetite. The underperformance of the US stock AI sector, weakening labor data, and rising policy uncertainties have made traditional safe-haven assets like gold more attractive for capital inflows. From on-chain fund flows, one can observe the transfer patterns of large positions within this cycle—whether institutions are reducing their holdings or retail investors are being passively liquidated.

The delay in legislative progress is a longer-term hidden risk. Regulatory uncertainty will directly impact institutional capital allocation decisions and may continue to exert short-term pressure. It is recommended to closely monitor the movements of major exchanges and whale wallets during this phase, as shifts in long and short positions will signal changes earlier than price movements themselves.