Why has BTC been showing slightly stronger performance recently? From a personal perspective, the most direct driving logic should be this: the dollar liquidity represented by bank reserves is slowly increasing. U.S. bank reserves have grown from $2.96 trillion at the end of March to $3.01 trillion by last weekend, and in the past two days, they've risen to a recent $3.037 trillion. In last week's tweets and earlier ones, I talked about the relationship between bank reserves and net dollar liquidity. Bank reserves are the most important component and variable of dollar liquidity (you could even just look at the trend changes in bank reserves alone). The slow recovery of bank reserves is quickly reflected in BTC, which is most sensitive to liquidity changes. Meanwhile, the U.S. stock market as a whole is still weighed down by the situation in Iran and the emotional impact of the private credit redemption wave. The rise in bank reserves directly comes from the Federal Reserve's RMP reserve management purchases over the past two weeks (expanding the balance sheet), along with a decrease in spending from the Treasury's TGA account. We'll continue to monitor the trend changes in bank reserves moving forward. This post is sponsored by @bitget_zh, 'Bitget: Trade U.S. stocks with instant entry and seamless transactions.'