On February 7, according to Blockworks, Empire analyst Jason Yanowitz pointed out that if Strategy (formerly MicroStrategy)’s Bitcoin purchase behavior is excluded, the current cycle may still be in the early stages. The current Bitcoin price is completely dependent on Strategy’s more than $20 billion spent since the end of last year. The current market is still in the “pure player-versus-player” (PvP) stage, and venture capital has not yet entered the market on a large scale.

Dan Matuszewski of CMS Holdings agrees with this. He pointed out that the impact of the 2022 bear market is still ongoing, and the market liquidity is basically lacking, which cannot drive substantial capital inflows. At present, except for “a few selected targets”, there has been no large-scale capital inflow. The debate about “whether it has reached the top” will intensify. But no matter where the cycle is, we need to admit that the new regulatory layer is just getting started, and its policies may become a catalyst for the future.

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