Tell me why BTC suddenly broke a new high at this time Firstly, the continuous inflow of funds into spot ETFs has led to a sharp drop in liquidity, with BTC ETF experiencing a net inflow of $218 million on July 9th; Accumulated net inflow of 50 billion US dollars; BlackRock IBIT currently holds 700000 BTC (≈ 3.3% liquidity), with a sharp decrease in tradable chips in the secondary market. 2. The Federal Reserve turns dovish and the US dollar weakens -The minutes of the FOMC meeting released on July 10th showed that "multiple members support early interest rate cuts" -DXY falls below 98.5, hitting a 3-week low 3. The latest executive order "Strengthening America's Leadership in Digital Financial Technology" has entered the implementation period. At the same time, on July 10th, the White House confirmed plans to establish a "Strategic Crypto Asset Reserve" and appointed several pro crypto officials. National level buying is expected to arrive. 4. The exchange balance has hit a 10-year low, with only 11% of BTC still stored on centralized exchanges. 5. The market maker took the opportunity to sell short, and from July 2nd to 10th, the open interest in Bitcoin futures increased by 10%, resulting in a cumulative short position of approximately $300 million that has been forcefully liquidated since yesterday.