Bitcoin is stuck in a weird spot right now. It's classified as a risk asset, so any macro shock hits BTC first and hardest. Growth funds pile into tech stocks, stability seekers buy US bonds, and even gold has central banks buying nonstop. Where does BTC fit? Outside of speculative futures money, I honestly can't find a strong investment narrative. The crypto market feels worse than ever, and I've been through two full bull-bear cycles since 2016. In past bear markets, we always held faith in the 4-year cycle. But now? The vibe has shifted. Everyone knows AI is the next decade's narrative. Liquidity is at rock bottom. BTC is heavily manipulated by futures, and its return profile is actually worse than privacy coins like ZEC, HYPE, or DASH. At least those have real whales willing to push price action. BTC's whales? Weak and greedy. The real hope lies in two things: the CLARITY bill and stock tokenization. CLARITY would legally define BTC as an asset and set clear rules against market manipulation. Stock tokenization would bring real quality investments on-chain, especially AI tech stocks. Many Chinese investors can't access US or Korean stock markets, so when crypto opens that door, massive capital could flood in. The SEC just delayed its decision on stock tokenization. Likely because they want CLARITY passed first to legalize the framework. Timeline? The White House aimed to sign CLARITY before July 4, 2026, but the schedule is tight with the August break looming. Patience, fam. Just two more months.