The current Bitcoin price relies on the HODLer support strategy, as large-scale venture capital funding has not entered the scene yet.

On February 7th, as per Blockworks, Jason Yanowitz, an analyst at Empire, pointed out that if we exclude the Bitcoin purchasing behavior of Strategy (formerly MicroStrategy), the current cycle might still be in its nascent stage. The present Bitcoin price is entirely reliant on the more than $20 billion injected by Strategy from the end of last year until now. The current market is still in the "Player versus Player" (PvP) stage, and venture capital funds have not yet entered on a large scale. Dan Matuszewski from CMS Holdings concurs with this view and notes that the impact of the 2022 bear market is still ongoing. The market liquidity is severely lacking and unable to drive substantial inflows of funds. Currently, except for a "few selected targets," there has not been a large-scale influx of funds. The debate regarding whether we have reached the peak will intensify. But regardless of the position in the cycle, we must recognize that the new regulatory regime is just beginning, and its policies may become a future catalyst.