Looking at the current logic behind BTC's price increase, it feels like we're stuck in a dead loop with a chokehold. First, the traditional institutions: Day 1: Institutions keep buying BTC through ETFs, so BTC goes up. Assume a Wall Street fund's strategy is 98% traditional assets + 2% BTC spot. Day 2: BTC skyrockets, and its proportion in the fund expands from 2% to 5%, triggering institutional risk control for asset allocation. Day 3: The fund sells BTC to purchase traditional assets, causing BTC to drop. So, Bitcoin goes up, which leads to Bitcoin going down. Next, the crypto space itself: It's known that the current crypto market is dominated by leverage and derivatives trading. BTC rises, and leveraged long positions increase. But there's no real spot buying support underneath. A slight pullback triggers a chain of liquidations. BTC falls back to square one. This is probably why BTC keeps bouncing back and forth between $65,000 and $75,000.