In the last two days, BTC prices have repeatedly hit new highs, but the market has not seen obvious new benefits. The macro level is still calm, and neither Trump's tariff policy nor China's news of promoting stable currency and RWA has yet been implemented. The core reason for the rise is not the increase in purchasing power, but the general reluctance of investors to sell, long-term holders unwilling to sell, and the continuous decline in BTC stock on the exchange, indicating that the market is in a net buying or wait-and-see state. At the same time, although the inflow of ETFs has hit a new high in the stage, whether it has sustainability still needs to be observed; In terms of contracts, the price has risen but the open interest remains low, indicating a lack of clear direction choices in the market. Overall, the market is currently a typical "supply tightening driven" slow rising trend, and the subsequent trend will depend on whether policy catalysis keeps up.