#量子计算威胁 Luke Gromen's insights touch on several on-chain signals worth tracking. I've been paying long-term attention to the argument that quantum computing poses a threat—although he provides a 2-9 year time window, this is indeed a potential inflection point for Bitcoin's security that requires ongoing monitoring of related technological developments.

More notably, he mentioned changes in Tether's asset allocation. Such institutional-level balance sheet adjustments often precede market reactions. The signal of gold holdings surpassing Bitcoin holdings should not be ignored. From an on-chain data perspective, attention should be paid to stablecoin flows, large wallet position changes, and whether institutional funds are truly gradually shifting from crypto assets to traditional safe-haven assets.

However, regarding the correlation between Bitcoin and tech stocks, I believe more detailed data support is needed. Power grid bottlenecks constraining computing power are objective, but this could actually elevate Bitcoin's scarcity premium—provided that the liquidity environment indeed moves toward a binary choice of "nuclear-level money printing or continuous tightening," as he suggests.

In the short term, rising liquidity expectations will indeed suppress high-risk assets, but I am more concerned with the on-chain fund flow data and whale wallet dynamics in the coming weeks, as these are key indicators for judging the true market bottom.