CoinShares: Bitcoin showed relative strength this week, with its future trajectory still more dependent on interest rate expectations.

CoinShares' latest market update indicates that despite risk assets experiencing renewed volatility this week, Bitcoin overall has demonstrated resilience, primarily supported by a rebound in spot demand, improving equity market sentiment, and partial short covering. However, the market is shifting from simply chasing AI narratives to focusing more on corporate earnings realization. Earnings reports from several US companies falling short of expectations have triggered sharp volatility in the stock market, and Bitcoin has similarly faced temporary headwinds.