Tell me about the current situation of BTC, Under typical risk events such as recent geopolitical conflicts, it can still be maintained around 66000-71000 US dollars, but it cannot fall or rise, Can indicate the existence of some needs and resilience. However, based solely on data analysis, the iron bottom of BTC has not yet been fully determined. The main reason is the cost line of BTC, which is still about 30% higher than the overall cost, with a cost line in the range of 46000-50000. However, it is worth noting that in the recent wave of geopolitical conflicts, the marginal buying potential of ETFs has become apparent. On March 3rd alone, the net inflow of spot BTC ETFs was about $458M, which is in line with the safe haven structure of buying BTC as the world becomes more chaotic. Of course, the desire to attract large funds is still very weak, and correspondingly, the market has no intention of continuing to smash the market at this price. At least until the risks are eliminated, the tendency for capital inflows will not be too strong. Apart from the risk of recession, there are now several more: -The core tail risk is the supply chain in Hormuz and the Middle East. According to investment bank analysis, after the transportation in Hormuz is squeezed for 3-4 weeks, Brent may be pushed to $100+, which should be the highest probability of BTC continuing to decline. -Some mining companies, such as Core Scientific, have disclosed that they will sell a large amount of BTC holdings to improve liquidity or invest in AI transformation, which can be considered as upward pressure, although panic selling cannot be ruled out. -Finally, there is still regulatory pressure. In a neglected corner, Tether has frozen a large amount of USDT to cooperate with law enforcement, which will indirectly reduce the liquidity of cryptocurrency. Of course, there is also a theory that the institutional selling pressure of BTC comes from quantum threats. In fact, quantum threats are enough to make some institutional long-term funds reduce their allocation or even clear their positions. Jefferies is an example, but it is difficult to judge whether quantum threats can be seen in this cycle.