$Strategy(MSTR.US)Although Strategy still holds over 712,000 bitcoins, the market value of its holdings continues to shrink. At the same time, the overall macro narrative of Bitcoin is also cooling down. Bitcoin was once touted as a hedge against inflation and fiat currency depreciation, but recently, in the face of traditional positive catalysts such as geopolitical shocks, a weaker US dollar, and even favorable regulatory policies, its price has not shown a significant reaction. Instead, market attention and funds have shifted to speculative assets with faster trading rhythms, ranging from AI concept stocks to highly volatile gold and silver.