Bitcoin has just been moving around in the past month with little change. The current market is a tug-of-war between bulls and bears. Today it's lively here, tomorrow it's comfortable elsewhere, and in the end, middlemen profit from the spread—the exchanges and market makers collecting fees and benefiting from slippage.

In plain terms, what does this reflect? New money isn't flowing in. It's all about existing capital competing with each other; no one can take a bite out of the other's meat, and eventually, everyone gets worn down slowly. It's like two people fighting with strength; neither can overpower the other, and the spectators have long lost interest and walked away.

At this stage, it’s all about perseverance. Either wait for new narratives to explode onto the scene, or continue with this annoying sideways fluctuation.

Speaking of new narratives, the concept of bridging traditional finance sounds grand, but in reality, this idea is everywhere—almost every project is shouting this slogan. How many can really be implemented?

The stBTC direction is worth a look. Bitcoin is indeed still underutilized in the DeFi ecosystem; the space is there. But there are also quite a few competitors in the same track, and the competition has become somewhat intense.

On the technical side, both MACD and RSI point to an uptrend, so it looks pretty good in the short term. But what I really want to know is the project's TVL and actual usage frequency. Infrastructure stuff ultimately depends on how much capital can be accumulated and whether users will continue to stay. Those are the real indicators.