Jeff Park, Head of Research at Bitwise: The SBR failure exacerbated the BTC sell-off, but the recovery in liquidity could fuel the rally

Jeff Park, head of research at Bitwise, published an analysis saying that the Strategic Bitcoin Reserve (SBR) program failed to provide a clear path for global adoption of Bitcoin, and market confidence was frustrated, leading to a sharp correction in Bitcoin. He pointed out that the current global market expectations for the rise in long-term interest rates have strengthened, and the crypto market is under pressure in tandem with US stocks. Trump's comments at the WH Crypto Summit have also added to market volatility, with TSLA shares retreating more than 50% from their all-time highs, further amplifying risk aversion. However, Park believes that global liquidity will eventually return, and Bitcoin remains one of the most resilient assets in the market. He emphasized that Bitcoin ETFs, which enable traditional financial markets to place regulated long-term bets on constrained assets for the first time, may increase market volatility in the future, but may also bring new growth momentum to BTC.