U1S1, $BTC these past two days—after experiencing the Fed rate hike, CLARITY setbacks, a stronger dollar, and ETF outflows—BTC has still managed to churn around the $76K area, which is already pretty impressive. The market’s reaction has been more restrained than many people, including Ajian, expected. If Crypto were to run fully according to the traditional risk-asset logic, it should, in theory, have had to withstand much greater macro pressure. This shows that BTC hasn’t completely lost its “store-of-value” capital-attracting properties. The ongoing bids for the big pie are continuously supported by ETF demand, corporate treasuries, miners and long-term holders, spot exchange users, short-covering, and arbitrage capital.
Of course, BTC not collapsing doesn’t mean the rate hike has no impact. Long-term interest rates, the dollar, and the subsequent rate-hike path will still determine how much valuation upside risk assets can retain. As for today’s altcoin rebound like $NEAR and $ZEC , it only indicates that risk appetite hasn’t fully disappeared—it may just be liquidity reallocation after ETF outflows, short-covering, or a technical rebound after yesterday’s drop that was too sharp. Until BTC reclaims $80K, any conclusion is still premature.
Of course, BTC not collapsing doesn’t mean the rate hike has no impact. Long-term interest rates, the dollar, and the subsequent rate-hike path will still determine how much valuation upside risk assets can retain. As for today’s altcoin rebound like $NEAR and $ZEC , it only indicates that risk appetite hasn’t fully disappeared—it may just be liquidity reallocation after ETF outflows, short-covering, or a technical rebound after yesterday’s drop that was too sharp. Until BTC reclaims $80K, any conclusion is still premature.