From the bottom support at $89,000: this move is really not a sell-off, but a tactical rotation

【Crypto World】The recent performance of the crypto market has been misunderstood by many. The volatility in risk appetite over the past week indeed caused digital asset performance to lag, and ETF capital flows also reversed, which looks quite alarming. But if you observe the details carefully, you’ll find that the issue isn’t that simple.

From the range of 89,000 to 90,000 USD, the price stability is still quite good. Leverage has been cleared, but no large-scale forced liquidations have been triggered. Trading volume remains healthy. All these signs point to one conclusion: this is more like tactical rotation rather than panic selling.

What does real selling look like? Being hammered down during rebounds, lack of buy-side support, structural deterioration, smart money fleeing—these are not seen now. The current situation is instead: profit-taking in strength, repositioning, and large funds preparing to move. The bottom is being tested repeatedly, but each time it holds.

The macro background also tells a story. Morgan Stanley is applying for an internal ETF, Bank of America has relaxed the authority for advisors to recommend crypto assets, and the CLARITY bill is about to be voted on. These moves are unlikely to happen at a market top. Even if short-term capital flows fluctuate, patient capital is quietly accumulating.

This week, two factors are key: CPI data and the CLARITY bill. If the data is weak, expectations for rate cuts will rise. Once the bill passes, years of regulatory pressure can be released. Either of these developments alone is enough to push us through the current range.

Of course, risks also exist—if CPI is too hot, the Federal Reserve might continue to hold steady. But judging from the current solid foundation, even if there are short-term setbacks, the fundamentals remain intact. Once macro conditions align, the current structure will be favorable for price increases.