The market sentiment has not been easy these days. External geopolitical news is fluctuating, oil prices are still fluctuating, and expectations of interest rate cuts are not as optimistic as before. In theory, risk assets should be more fragile. But the feeling given by Bitcoin this time is that it hasn't fallen so quickly, and its rebound hasn't been too weak. Overall, it has been fluctuating around high levels. This indicates a significant change: Bitcoin nowadays is no longer like the high volatility varieties that were purely driven by emotions in the past. In the past, whenever there was a movement in the market, the cryptocurrency circle was often hit first; But this time, BTC fluctuated repeatedly around the $70000 line, which seemed more like digesting macro pressure rather than being driven by emotions. This' not so easy to collapse 'state is itself dominant. More importantly, the funding structure is also changing. In the past, the biggest fear in the cryptocurrency industry was that there were too many short-term funds, and they would collectively trample on any fluctuations; More and more funds are starting to view Bitcoin as a medium - to long-term asset allocation. Even if there is a short-term pullback, real large funds may not be in a hurry to leave, but are more likely to continue attracting funds amidst fluctuations. The biggest change in the market is often not how much it rises in a day, but who is willing to stay in the market when it falls. So I think that Bitcoin will certainly continue to fluctuate in the future, and the process will not be too comfortable. However, as long as this structure of high pressure and limited drawdown remains, the market is still worth looking at optimistically. True strength is not about skyrocketing all the way, but about being able to withstand prices in complex environments.