Currently, there are still many people using on-chain data to analyze Bitcoin's price fluctuations, which is actually very distorted. Since the entry of institutions last year, the liquidity of Bitcoin has already become fragmented. The future value of an asset depends on its liquidity increment and the driving force of its narrative. I do not deny that Bitcoin has a strong narrative cycle, but the fragmentation of liquidity is causing a significant change in the entire market structure. Therefore, from now on, stop using data from 25 years ago to carve the boat to seek the sword; we need to start modeling anew, considering many factors at this stage, including CME, ETF, and so on. The same old saying: Bitcoin is facing a revaluation.$BTC