Ask yourself:

Is sentiment really collapsing because Bitcoin is breaking… or because it isn’t behaving the way people expected at this stage of the cycle?

The pain isn’t from fundamentals deteriorating — it’s from expectations unwinding.

Plus:
• SOFI rolling out Bitcoin to all customers
• Senate draft protecting self-custody + P2P
• Shutdown ends, liquidity pressure lifts
• Stimulus chatter returns
• 50-year + portable mortgages to support housing
• Fed board shifting dovish

None of this is bearish.

And one of the biggest catalysts yet:

Square activated Bitcoin payments across 4 million merchants.
Lightning rails.
0% fees until 2027.
Pay in dollars or BTC — merchant settles however they want.

This is the first real mainstream glide path for Bitcoin as a payment rail.

Corporate treasury adoption is rising fast:

Strive raised capital via perpetual preferreds and bought 1,567 BTC, directly following the MicroStrategy framework.

The Bitcoin balance-sheet era is spreading.

A central bank bought Bitcoin.

The Czech National Bank made the first official allocation — a small “test portfolio,” which is institutional code for:
We’re learning before scaling.

Ten years ago this was unthinkable. Today it barely trends.

Meanwhile the macro backdrop is turning constructive:

• QT is ending
• Rate cuts have started
• ~$900B in TGA liquidity is about to re-enter the system
• Fiscal dominance is accelerating

This is not a “November 2021” environment.

Nothing in the underlying thesis is breaking.
No protocol failures.
No systemic exchange collapse.
No macro shock like 2021→2022.

Yet we’re pricing like something fundamental is wrong.

Full Article 👇
https://www.marketwatch.com/story/crypto-whales-are-selling-bitcoin-as-it-sinks-further-below-100-000-should-investors-be-worried-afb4b553?mod=frances-yue

But here’s what most are missing: this doesn’t look like a top — it looks like a market waiting for its engine to turn.
Rates are easing, but liquidity hasn’t kicked in yet.
Historically, Bitcoin’s biggest moves come after that turn, not before.

This is why it feels like a bear market:
Not because Bitcoin broke — but because nothing is moving.
No mania.
No acceleration.
Just months of emotional fatigue.
Markets hate boredom more than volatility.