Wu Says learned from XWIN Research Japan’s analysis that in March 2026, the US CPI rose year over year to 3.3%, with inflation picking up again, which is also changing the market’s understanding of BTC pricing. However, the institution believes that this round of inflation is more like being driven by supply-side shocks such as rising oil prices and supply chain disruptions, rather than overheating demand.

In this environment, BTC can no longer be simply seen as an inflation-hedge tool; its price is more affected by changes in real interest rates, the US dollar, liquidity, and overall demand. In 2026, with inflation still remaining relatively high, BTC instead weakened, which also shows that what Bitcoin is truly trading is the transmission chain “inflation → monetary policy → liquidity → demand,” rather than inflation itself.