What I talked to Kitty about yesterday is a bit more data-driven. Firstly, we can see the trading pairs of BTCUSD in Coinbase. It is evident that there is still a significant gap in trading volume between the past two to three months and the end of 2024 and the beginning of 2025, indicating that American investors, who have already reached the investment ceiling, have not increased their investment efforts in the spot stage. Secondly, in the IBIT trading volume of BlackRock's BTC spot ETF, although the trading volume in the past two months has been around the average, there has not been a significant increase compared to the end of 2024 and the beginning of 2025. This means that even the highest purchasing power BlackRock investors have not increased trading volume in the secondary market of the ETF. Next is the leading cryptocurrency company MSTR, which is even more evident. Compared to the end of 2024, the difference in trading volume is vastly different, and although there is also a large amount of buying of Bitcoin in the primary market, there is no clear sign of overall BTC FOMO sentiment. Finally, there is the primary market data for BTC spot ETFs. Although the purchases in the past six months have been decent, it is evident that while prices have risen in the past two months, purchasing power has decreased, and it is still far behind the end of 2024 and the beginning of 2025. So overall, the reasons and structures for the current rise of BTC and ETH are completely different. The strength of BTC lies in people's expectations for the future of BTC. Fewer and fewer investors are willing to sell their chips, and BTC is gradually moving towards collectibles. ETH, on the other hand, is more like BTC in March 2024, built entirely on purchasing power. Although this part of the purchase includes both exchange and on chain spot, as well as the primary and secondary markets of spot ETFs, and even the buying of cryptocurrency stocks, overall, traditional investors and the market have more purchasing power for ETH than spot. Therefore, on the one hand, there is little overflow of funds, and on the other hand, more investors are transferring to long-term holdings. This article is sponsored by Bitget | @ Bitgetzh