Inflation data is performing well, and the upward trend of BTC can be considered very reasonable. Recently, US institutional buying has been very active, with trading volume significantly increasing, which can be seen from the exchange transaction data. From the ETF perspective, recent capital inflows should also be quite healthy. More importantly, the current chip structure remains stable, indicating that market participants' sentiment is relatively balanced, with no signs of extreme concentration or panic. Overall, whether from a macro perspective or a chip perspective, the market has support.