According to CoinMeta, Fu Peng stated that BTC has gradually evolved from an early-stage crypto market narrative into a standard financial asset. During periods of tightening liquidity, BTC, being more sensitive to liquidity, tends to contract first, and can therefore be seen as a leading indicator of market liquidity changes. He suggested paying attention to the free cash flow of large technology companies and the structural data of the U.S. stock options market to discern market turning points.