Analyst: The current Bitcoin price relies on Strategy support, and venture capital has not yet entered on a large scale

ChainCatcher news, according to Blockworks, Empire analyst Jason Yanowitz pointed out that if we exclude the Bitcoin purchases by Strategy (formerly MicroStrategy), the current cycle may still be in its early stages. The current Bitcoin price is entirely reliant on the over $20 billion that Strategy has spent since the end of last year. The market is still in the "pure player mutual liquidation" (PvP) phase, and venture capital has not yet entered on a large scale.

Dan Matuszewski from CMS Holdings agrees, noting that the impact of the 2022 bear market is still ongoing, and market liquidity is essentially absent, preventing substantial capital inflows. Currently, apart from a "few selected targets," there has not been a large-scale influx of funds. The debate over "whether we have reached the peak" will intensify. However, regardless of the cycle position, we must acknowledge that the new regulatory framework has just begun, and its policies may become catalysts in the future.