It no longer feels like a bull or bear market issue; it seems more like the entire crypto space is on a downward slope.

Bitcoin is not a gatekeeper; it's just not selling anymore.
Clearly, funds are moving elsewhere, into assets like gold and tech stocks that either have broad consensus or cash flow.
Bitcoin is now in an awkward position, rising on imagination, and once liquidity pulls back, it drops quickly.
Without new stories or profit effects, social capital doesn't flow in, retail investors are not buying, and new retail investors are not entering.
Institutions are the most sophisticated; they only seriously increase positions when genuine systemic risks appear, but the world isn't chaotic enough to force such moves now.
Most remaining are arbitrage funds and short-term traders; the market hasn't collapsed, but it's definitely not hot.
What worries me more is that Bitcoin's positioning seems to be problematic.
It's becoming more compliant and accepted,
The core narrative of anti-establishment, decentralization, and circumventing regulation is weakening, but it hasn't yet reached the level of gold where "the public will naturally allocate when they have money."
As for tokenized stocks and prediction markets, they seem more like riding on others' coattails; under high interest rates and strong regulatory expectations, funds only recognize two things: assets that can generate continuous profits or those explicitly backed by the system.
Bitcoin, which doesn't generate interest and lacks new narratives, is naturally pushed aside when systemic uncertainty temporarily decreases.
It's very awkward now; no one feels they must buy Bitcoin.