Thursday's data was as expected. Whenever BTC's price goes up, there will always be some friends jumping in to chase the trend. Personally, I think the key is to focus on BlackRock's net purchasing power, because BlackRock's investors are the most stable among all U.S. spot ETF institutions. Although Fidelity's purchasing power is second only to BlackRock, the proportion of trend-chasing investors is higher. Recently, BlackRock's buying volume has exceeded the average for three consecutive working days, which is a good sign. Plus, there's no sign of it slowing down yet. Investors' FOMO is still largely driven by expectations of a Fed rate cut due to the government shutdown. As I always say, let's wait until Monday—once the U.S. stock market opens, we'll see how things unfold. Sponsored by Bitget ｜ @Bitget_zh