It's quite strange that today is the third consecutive day and the fourth time this week that it has hit $90000 before falling back. It feels like $90000 is like a natural barrier that will be hit back as soon as there is a sense of upward movement. Moreover, the rise of the US stock market is also good today. The Nasdaq has already recovered all the shares that fell this week, which means that the US stock market is still rising and can drive some BTC sentiment. If the US stock market is falling, it will be even more troublesome. I also looked at the data of ETFs earlier. Although the returns are losses, it will still be the sixth largest net flow of ETF funds in the United States in 2025. This also indicates that even if the price of Bitcoin falls, most investors still have no signs of panic and reduction in holdings. Moreover, compared to December 20, 2024, the BTC held by spot ETFs is still more than 100000 BTC more than at that time. So it is very normal for funds to flow in net, although the price difference is still above $10000. This also indicates that most ETF investors are not aiming for hedging, but there are signs of building positions. Looking back at the data of Bitcoin, the turnover rate that was just reduced by two days has increased again, which is a bit headache. If the turnover rate does not come down, it will have a great impact on the stability of the current price, indicating that a large number of investors are doing short-term trading. It will be Christmas week next week, and the liquidity will be greatly reduced. It can be considered as a way to calm the current market, which will take about two weeks. The current chip structure is quite healthy, and there hasn't been much movement in the chips that are stuck at high positions. This should be the part dominated by ETF holdings, which also represents that the emotions of most loss making investors are relatively stable. @bitget VIP， Lower rates and more generous benefits