Regarding today's fluctuations, the decline in the US dollar index may be one reason, while another reason could be the recent rise driven by policy factors, such as the tax cuts from the Inflation Reduction Act, the FOMO surrounding the stablecoin bill, and Texas's $BTC strategic reserves, among others. The reasons should be interrelated, and only since yesterday has the trading volume truly begun to surge.

Interestingly, by the time the US stock market closed yesterday, only Bitcoin and gold were rising, while currently, gold, US stocks, and US bonds are all declining, with only BTC on the rise and even increasing in volume. However, for BTC, there hasn't been any substantial change in recent days; I tend to lean more towards changes in supply and demand.

From the data on spot ETFs, this rise is completely different from the end of 2024, when there was a significant buying trend in both ETFs and spot markets. Back then, it was common for ETFs to increase by 10,000 to 18,000 units daily, but this time, ETF investors seem to be more like spectators, with low buying volumes.

However, traditional investors are selling very little. I often mention that the inventory on exchanges is decreasing daily, which means that although the buying volume is not high, the selling volume is even lower, so even a small amount of buying power can drive up the price.

Of course, this may not be correct; it's just my personal observation. Additionally, I completely agree with what Brother Guilin said about $ETH and altcoins. Currently, liquidity is still relatively tight, and there isn't enough capital flowing into altcoins, while BTC has greater certainty.

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