Even if BTC has already broken through repeatedly, the market is still in a cautious state.

There are a few things to watch:

- Demand for cash, short-term debt, and stablecoins still exceeds demand for BTC and altcoins. There is a lot of money in crypto, but no one is willing to take on long-term risk anymore.

- For most of the time, BTC holders use selling covered call options to replace selling BTC.

- Because the current BTC futures premium is high enough, arbitrage capital buys the spot and sells the futures. So there will be a large amount of speculative capital buying BTC. This portion of capital may not have much belief in BTC itself.

- BTC’s capital has attracted many investors who are unwilling to continuously bet on commercial winners, buying and holding it long-term to free up attention.

#AI股持续上涨还有哪些投资机会

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