After Bitcoin reached a new all-time high, the market showed a "split" trend: Spot is reluctant to sell, while futures are speculative. The exchange balance has dropped to a six-year low, indicating a continued tightening of supply; meanwhile, 96% of short orders got liquidated, revealing the brutal cost of the futures market during the big pump.

The core driving force behind the rise is clear and strong:

1. Macroeconomics and Institutions: The expectation of a weaker dollar and the strength of U.S. stocks are driving funds to flow into ETFs (with a net inflow of $985 million in a single day), which is the fundamental driving force.
2. Ecological Development: Giants like Samsung are laying out plans for cryptocurrency payments, paving the way for future applications and solidifying long-term value.

My strategy and risk control:

· Go with the flow: In the context of continuous inflow of institutional funds, shorting is dangerous. The trend is still your friend.
· Beware of volatility: RSI overbought is a clear "yellow card warning," indicating a very high risk of a technical pullback.
· Key levels: Support at around 121,600 USDT, resistance at 124,000-126,000 USDT.
· Understand the differentiation: Coin-based investors are mostly bullish, indicating long-term confidence; USD-based investors predominantly hold short orders, suggesting short-term fluctuations. This creates arbitrage opportunities.
· Core action: Must set dynamic take profit and stop loss to avoid profit reversal and ensure to hold gains in the trend.

Summary: The market has entered a new phase dominated by macro factors and institutions. My strategy is to maintain a bullish mindset in the trend, stay calm in the frenzy, and lock in profits with strict discipline to cope with the inevitable high-level fluctuations.