$BTC This rally doesn’t surprise me. Wall Street and Washington have, unusually, lined up on the same side. Daily net inflows into the ETF hit a new multi-month high, and most of it is driven by spot demand. That means institutions are putting real money to work—not just talking big. Regulatory signals have also clearly warmed up: the tone has shifted from high-pressure enforcement to discussions about how to standardize the market. This kind of certainty provides tangible support to prices. On top of that, shorts have been forced to cover—liquidations in the hundreds of millions of dollars directly ignited this squeeze-driven行情.

But the more sharply it rises, the more I remind myself to stay calm. Short squeezes often come with overheated sentiment. The real test is whether fresh capital can step in and carry the momentum. If macro data cooperates and policies gradually get implemented, BTC still has room to move higher. But if institutional buying is only a temporary asset rebalancing and inflows start to slow, profit-taking at high levels combined with previously trapped positions could create significant pressure.

This rebound is different from past ones: the driving force has shifted from retail sentiment to institutional positioning. As a result, BTC’s volatility structure may change. Pullbacks may no longer swing by tens of percent at a time, but the upward slope could also be more gradual. So I won’t blindly chase; I also won’t short against the trend. I’ll focus on volume and whether pullbacks find solid support, and wait for clearer signals before acting. The trend isn’t broken—the key is to control the timing.