Today's homework is a bit of a headache. It's not that it's difficult to write, but I can't get back to my friends' questions. I know everyone is asking what happened that caused $BTC to break new highs overnight. In fact, there hasn't been any concrete good news today. This morning, China just acknowledged that it is still negotiating with the U.S. on tariffs, and the talks haven't collapsed yet. There hasn't been anything new announced in the evening either.

The ETF data won't be available until tomorrow, but looking at the trading volume data, we can see that although there have been new highs in the past two days, the trading volume hasn't shown any extraordinary increase. In fact, it has remained at an average level recently. At least from the market perspective, there hasn't been a large-scale buying spree, so the main reason for the price increase is that there are too few people planning to sell.

This data can be inferred from the exchange inventory that I have been closely watching over the past year. The overall inventory has been continuously declining, and even now, it is still the case. This means that even though $BTC's price has broken new highs, the exchange inventory is still decreasing. This indicates that the new highs haven't prompted investors to sell; instead, more BTC is being taken off exchanges by investors, leading to a decrease in selling volume and a slight increase in buying volume.

As for the URPD data, it can't be analyzed today. After the new highs, it needs to be rearranged, and the support levels will have to be organized tomorrow. However, overall, the current support is still very solid. Unless there is a systemic risk, the support levels should be fine.

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