Foreign media: Seen Farrell, Manager of Fundstrat Digital Asset Strategy, argues that the encryption market is still being suppressed in the macro environment for the short term, but the return on risk is gradually improving. If bitcoin returns further below $50,000, or even close to $48,000, it could become a less visible configuration window in the current cycle.

The macro-environment still suppresses prices

Farrell indicated in a podcast that current liquidity was still tight, that real interest rates were at a high level and that the market lacked clear expectations for the Federal Reserve policy path. These factors continue to suppress bitcoin and other encrypted assets, which also explain their recent lag behind the United States share.

In his view, over the past year, business profits had grown faster than global liquidity expansion, and capital was therefore more oriented towards productive assets such as equities than those of a monetary nature such as bitcoin. However, this pattern is likely to change over the next three to six months and, if liquidity improves, the encryption market is expected to attract new funds again.

Strategy is worried about temporary cooling.

Farrell also talked about the impact of Michael Saylor under Strategy. He stated that, as companies raised more cash, the risk of short-term liquidity constraints had decreased significantly, and the extreme circumstances that the market had previously feared were now largely mitigated.

He noted, however, that Strategy still had some $2 billion in annual preferential dividends obligations and that an additional $5 billion in bonds could be required to sell back to the company between 2027 and early 2028. If Bitcoin remains in the current zone for a long time, these burdens may still be a source of pressure.

Ether's medium-term elasticity is better.

Farrell, while continuing to look at Dobitcoin in asset selection, believes that in the next 12 to 18 months, the upper space of the Taifeng is likely to be greater. He mentioned that Robinhood had added new long-term applications to the network by introducing a Layer 2 block chain based on the Ether.

He said that the platform had not yet generated significant revenues, but it was even more noteworthy that the chain of monetized assets and enterprise-level blocks was continuing to expand around the Etherwood. Compared to bitcoin, the ETA currently faces less potential push because it does not have a concentration risk like Strategy.

Farrell also mentioned that its developers are moving faster in their response to future quantum risk calculations, which also makes it more flexible in the medium term at this stage.

$4.8 million into critical observation sites

Despite short-term uncertainties, Farrell believes that the current risk returns for encrypted assets are starting to outperform equities. If bitcoin fell to the $50,000 low range, even closer to $48,000, he would prefer to see it as an opportunity rather than a panic signal.