Recently, Bitcoin trading data has been causing a bit of a stir. Two consecutive days of increased volume—this level of trading volume ranks in the top 20 for the entire last year, which is no small matter—indicating that big players are indeed involved.

The buying activity on the US side is particularly obvious, suggesting that institutions are quietly positioning themselves. This tactic was used by MicroStrategy last year; they led the way in accumulating coins. And then what happened? The market started to rise. Once US funds begin to enter in large quantities, it usually means a new cycle is about to start.

But there's a key issue to watch: Is this surge in volume genuine, with real money being bought in, or is it just short-term emotional outbursts? If it's the former, there could be a bigger rally ahead; if it's the latter, it might be a sign of a phase top.

The crucial point is to observe the next few days. Whether trading volume can sustain this level and whether US funds' buying pace continues—both signals need to be monitored simultaneously to determine the true intent.