Bullish factors are all in place, so why is the crypto market moving downward in the opposite direction?

Frequent signals of regulatory friendliness, continuous launch of spot ETFs, and ongoing influx of institutional funds—these positive factors that should support a market rally are all present. However, the market reality is slapdash in the face: cryptocurrency prices have recently fallen into a downward trap.

Behind this seemingly contradictory phenomenon, industry analysts are deeply puzzled. Under traditional logic, regulatory compliance usually attracts large capital inflows, the opening of ETF products should lower entry barriers, and increased institutional holdings often indicate rising market confidence. But now that all these conditions are met, why are the price trends not cooperating? This inevitably raises doubts about whether there are deeper structural issues in the crypto market that external good news alone cannot reverse.