Saying that BTC is a channel for de-dollarization is not specific enough; the performance of Monero better illustrates the point. Every time the US dollar's credibility is questioned, Monero rises accordingly, especially in recent days — it started accelerating at 5 a.m., with daily trading volume increasing by 300% compared to the previous day.

However, BTC may experience a short-term correction, and the logic is actually quite simple. BTC not only carries the demand for de-dollarization but also is a risk asset. When these two attributes act together, volatility is likely to occur. Especially during the weekend approaching Monday, US stock futures have already declined significantly, risk sentiment spills over into the crypto market, and with liquidity being thin to begin with, prices rise quickly and fall just as fast.

In essence, whether it's gold, BTC, or Monero, they are just channels for capital outflows from the dollar system, not the end goal. Once a large amount of capital completes the transfer through these channels, prices will pull back. Most of the funds using these channels are arbitrageurs rather than long-term holders, which determines the fragility of the market.