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

BlockBeats News, February 7th, according to Blockworks, Empire analyst Jason Yanowitz pointed out that if we exclude Strategy's (formerly MicroStrategy) Bitcoin buying behavior, the current cycle may still be in its early stages. The current Bitcoin price is fully dependent on the over $20 billion thrown in by Strategy from the end of last year to now. The current market is still in the "Player versus Player" (PvP) stage, and venture capital funds have not entered in a large scale yet.

Dan Matuszewski of CMS Holdings agrees with this view, noting that the impact of the 2022 bear market is still ongoing. The market liquidity is severely lacking, unable to drive substantial inflows of funds. Currently, apart from a "few selected targets," there has not been a large-scale influx of funds. The debate about 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.