Still staring at the Candlestick looking for support? You might be looking at the wrong battlefield.

Where has the money actually gone? Let's take a look at the M2 year-on-year growth rate data - global liquidity has already been tightening, and this is not just a simple fluctuation in the cryptocurrency market, but a signal that the fiat currency credit system is undergoing structural challenges.

When the FOMC loosens monetary policy, everyone can profit from the market; when it tightens, the narrative logic will be reshuffled. The essence of Bitcoin has never been a short-term speculative tool; it is more like a digital hedging asset in the context of declining M1 efficiency.

Things that truly have anti-inflation properties do not sway with market sentiment. When the banking system starts to rely on yield curve control to maintain its operations, are you still struggling with "why money hasn't flowed into the crypto space"?

Don't get it wrong, the real game happens on the SWIFT settlement network, the government bond market, and the Federal Reserve's balance sheet—not just the few trading pairs you're watching. The positioning of BTC needs to be understood in the context of a larger financial chessboard.