Overnight, BTC quickly rebounded from 71 to 74. Although from a rational perspective, we cannot be bullish when we rise and bearish when we fall. But based on the current overall data, I personally maintain the previous view that there is room for improvement, but the space will not be very large. The main reasons are as follows: 1. Binance's spot CVD continues to rise in price. Indicating that active buying of spot goods within the exchange has shown positive performance and dominates. And there are currently no signs of turning heads (Figure 1). 2. At the same time, Binance's BTC balance is decreasing synchronously. It indicates that the net outflow is greater than the net inflow, and when there is strong active buying in spot trading, more BTC is being put up for trading, which is a necessary manifestation. 3. In terms of scale, investors with single transactions in the range of $100000 to $100000 are depositing BTC into the exchange, while large investors with single transactions in the range of $100000 to $1000W and above are transferring BTC out. And the scale of transfer out can fully cover the scale of transfer in. 4. BTC is close to $75000, but BRS has not yet returned to the zero axis, currently at 10; And the last time BTC rebounded to 7.5w, BRS was also 10. Based on this rough estimate, if BTC rebounds to the range of 7.6w-7.8w, BRS will almost reach 0. At that time, we will combine the comprehensive data at that time to determine whether there are signs of a rebound and peak.