The significant pullback of Bitcoin: a multiple game of liquidation, policy uncertainty, and capital flow.

The recent fall of Bitcoin is not driven by a single factor, but rather the result of multiple pressures stacking up.

Forced liquidation, slow progress in cryptocurrency industry legislation, fading enthusiasm for institutional buying, and rising global policy uncertainty — all of these are suppressing the market's risk appetite. At the same time, the US stock market has not been spared; AI concept stocks have underperformed expectations, employment data has softened, and the overall pressure is quite evident. However, it is not all bad news; the continued decline in inflation provides some support, and the strong performance of semiconductor companies has also alleviated the stock market's falling trend to some extent.

Interestingly, gold has shone brightly during this round of adjustments. With rising safe-haven demand and continuous inflows of funds for global asset diversification, gold prices have been climbing steadily, approaching historical highs. This reflects investors' choices in the face of uncertainty — flowing back from risk assets to safe-haven assets.

MicroStrategy's stock performance speaks volumes. The company has increased its Bitcoin holdings through equity financing, which should have been a positive sign, but the market is more concerned about the long-term effects of equity dilution. This worry has even overshadowed the expected returns from continuous accumulation. This also indicates that, in the current market environment, investors' attitudes have indeed become more cautious.