The U.S. Consumer Price Index (CPI) for March 2026 increased by 3.3% year-on-year, signaling a resurgence in inflation, according to XWIN Research Japan. This inflationary trend is altering market perceptions of Bitcoin's valuation. The research suggests that the current inflation is primarily driven by supply-side shocks, such as rising oil prices and supply chain disruptions, rather than excessive demand. In this context, Bitcoin is no longer viewed simply as an inflation hedge. Its price is increasingly influenced by real interest rates, the U.S. dollar, liquidity, and overall demand changes. Despite persistent high inflation in 2026, Bitcoin's weakening performance indicates that its trading is more aligned with the chain of "inflation → monetary policy → liquidity → demand" rather than inflation itself.