#加密市场观察 The Double-Edged Sword of Institutionalization
Institutional funds flowing into $BTC via ETFs appear to be bullish on the surface, but in reality:
- Institutions follow risk parity models, mechanically selling off during rising interest rates or tightening liquidity
- BTC no longer enjoys the 'decoupling from traditional assets' alpha
- The 22% drop in Q4 2025 closely aligns with the Federal Reserve's hawkish shift
$ETH Conclusion: Bitcoin has gained institutional recognition but lost its independence
