The current market is becoming less and less predictable. The mechanical logic of rate hikes = risk asset declines has completely failed. Recently, U.S. bank reserves are around $3.01 trillion, and the Treasury General Account (TGA) is about $877 billion. Using the commonly referenced market metric of Fed Assets - TGA - ON RRP, net liquidity has remained relatively stable recently and has even seen some recovery over the past four weeks. Therefore, this round of $BTC's rise seems more like an explosive repricing after financial conditions stopped deteriorating. In other words, the market feels that everything is fine now, and the future can only get better. Looking at beta properties: $BTC > silver > gold. Some are already predicting that the asset size of Bitcoin ETFs could eventually reach three times that of gold. Buckle up and get ready for BTC to take off again!