Bitcoin’s return profile changes with the macro regime.
When financial conditions are tightening, Bitcoin’s weekly returns show a small negative bias.
When financial conditions are loosening, the distribution shifts upward, with more positive weeks and fatter upside tails.

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This article is from Prince, co-founder of Avon.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
TL;DR
People's use of DeFi has become highly similar. The market and infrastructure are maturing, but users' mentality has gradually shifted from curiosity to caution. The reward mechanism has changed from "users bear the risks and rewards themselves" to "users wait to be rewarded," and participation behavior has gradually converged around incentives.
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DeFi gives people the feeling that...

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Another key piece of the puzzle is the ETF flow regime.
Flows are moving closer to a net-inflow environment, which historically increases the odds of a sustained price recovery for Bitcoin, if that shift holds.
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