Ark Invest has bought $BTC again today— a single trade of $37 million—and it also added exposure to Block. In the current market environment, I care more about the signal this action sends. Since BTC bounced off the lows, many people have worried it may have already topped, but institutions are still allocating according to their own rhythm. This suggests that, in the eyes of some long-term capital, the current volatility isn’t enough to throw their plans off course. As for how I view BTC: in the short term, there is indeed pressure from profit-taking, but I haven’t seen any signs that the trend has been broken. Ark’s additional buying isn’t meant to urge me to chase longs immediately—it’s further validation that demand is still there. If over the next few days BTC can hold key support levels and trading volume doesn’t show obvious contraction, I’d be more inclined to judge the outlook as ranging but tilted bullish. Here, I won’t get impulsive just because of a single strong green candle, and I won’t let one pullback shake my nerves. Looking across a longer time horizon, the logic of tighter supply and institutional allocation still holds. So my stance on BTC is very clear: cautious in the short term, not bearish in the medium term.