The price of Bitcoin has dropped to $85,000, with news headlines filled with "crash," and market sentiment has fallen into anxiety. But look at the performance of those large institutions - their attitude remains steadfast.

The key point is not what they said, but how to view the issue.

Many people say "Bitcoin has weakened" or "the fundamentals have gone wrong." But the real issue is actually liquidity.

This shift in perspective can change your understanding of the entire market.

Liquidity itself is cyclical. Today you are avoiding risk, tomorrow you may start chasing returns. Today the Federal Reserve and the Bank of Japan are tightening monetary policy, but tomorrow they could turn around and ease. But the assets themselves? They have always been there.

The current situation is very straightforward:
Rising financing costs → Decreased risk appetite → Increased market volatility

In this environment, it's easy to make a mistake – mistaking a liquidity-driven short-term pullback for the collapse of long-term logic.

But what if you broaden your perspective? The banking groups have not yet truly entered the market on a large scale. National-level capital allocation has only just begun. The political cycle is still brewing. The Federal Reserve cannot continue tightening indefinitely; the question is not "whether" but "when."

What is most worth watching now is not the price itself, but how the big players are moving. They have not shown any signs of wavering. They have not changed their stance. They have not withdrawn. Instead, they are continuing to buy.

This brings to mind certain key moments in the market - a cacophony of noise, people in a state of alarm, and decisions often stemming from fatigue rather than clear thinking.

It's really uncomfortable at this moment. The fluctuations are very severe. There are a lot of doubts.

But it is often at such moments that they are defined afterwards as "historical turning points."