观点：当前仍属“经典周期性熊市”，若BTC四季度未复苏才值得担忧

Odaily  reported that Lucy Gazmararian, founder of Token Bay Capital, stated that the recent pullback in Bitcoin prices is more characteristic of a typical "mid-cycle bear market" rather than a structural market collapse. The market is currently in a normal adjustment phase within its historical cycle. Despite the downward pressure on Bitcoin's price, there have been no signs indicating that its long-term investment thesis has been undermined. Therefore, this correction should be viewed more as a cyclical fluctuation rather than a signal of deteriorating fundamentals in the crypto market.

However, Gazmararian also emphasized that if Bitcoin fails to show a clear recovery by the fourth quarter of this year, it could indicate the market is entering a deeper correction or a phase of structural risk. Currently, investment enthusiasm in the artificial intelligence sector is rising, with the market paying increased attention to Anthropic's potential IPO. Yet, these capital flows belong to a different pool from crypto-native capital, so the AI investment boom does not necessarily imply a large-scale outflow of funds from the crypto market. (CNBC)