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Why do I feel that $BTC and $ETH will rebound, but reaching new highs is difficult? With the launch of ETFs and the Wall Street-ification of BTC and ETH, BTC and ETH have become denominator assets, with completely identical attributes. ETH only amplifies BTC's volatility; it has little to do with RWA or on-chain activity. The core still depends on long-term U.S. Treasury yields, discount rates, and risk premiums.#BTCRallyOrSqueeze #AnthropicIPONears #PopMartEarningsWatch