BTC opened at $81423 today, the highest since January 31st, but has now fallen back to consolidation around $80800. It has increased by 27% in three months, and the structure itself is not weak. ETF funds are still surging - net inflows for 9 consecutive days, totaling $2.7B. On May 5th, the daily amount was $467 million. IBIT accounts for the majority, and the institutional attitude is very clear: continue to close after falling. Morgan Stanley officially launched cryptocurrency trading on E * Trade today, with 8.6 million customers and fees only half of Coinbase's. Wall Street went from "rejection" to grabbing users at a faster pace than expected. Macroscopically, the Federal Reserve remained inactive in May, but four members voted against it, the most since 1992. PIMCO says inflation data is' fighting '- core PCE and CPI are running in different directions, leaving the Fed in a dilemma, but the next move is likely to be a rate cut, although the timing is uncertain. Iran is still pulling over. Trump calls for signing the agreement, Iran says it's under review. There was another exchange of fire in the Strait of Hormuz, and the US military sank several Iranian ships. The ceasefire has not been resolved, but the uncertainty will not dissipate in the short term. Overall, ETF funds and institutional entry are the core driving forces, with a fluctuating range of $80000 to $82000 accumulating momentum. Glassnode says that after stabilizing at $80K, the next level is $85200, which will open up space. My judgment is biased towards an upward trend, but it won't be sudden - it's more like a process of gradually moving up the range. If $80000 can hold up, there is a high probability of touching $85000. Short selling is not cost-effective, but chasing after gains is not necessary. Just focus on whether $80K can catch the next wave of selling pressure.