比推消息， QCP 高管 Elbert Iswara 在采访中表示，比特币近期从约 6 万美元快速反弹至 7 万美元上方，更可能属于流动性重置，而非市场结构性变化。他指出，尽管经历快速回撤，但当前价格企稳显示长期持有者及机构需求仍然存在。Elbert Iswara 认为，当前市场方向主要由宏观流动性环境与利率预期变化主导，而 ETF 资金流、衍生品仓位及杠杆去化等加密市场内部因素则放大了波动幅度与速度。他表示，短期来看比特币表现更接近对流动性敏感的高 Beta 风险资产，尤其是在风险偏好下降阶段，但这并不意味着其长期价值储存叙事失效。比特币更类似于随宏观周期变化而切换属性的混合型资产。短期需重点关注 6 万至 6.5 万美元关键区间、ETF 资金流变化、杠杆与清算情况，以及比特币与美股相关性变化。长期来看，市场应关注机构参与稳定性、市场结构成熟度及采用率增长情况。
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