$BTC

DS Random Writing Bitcoin has recently been playing a high-altitude tightrope walk around $95,000, with both bulls and bears fiercely fighting at this critical position. On-chain data reveals a brutal truth — in the past two weeks, there has been a net outflow of 42,000 BTC from exchanges, but the open interest in derivatives has surged by 60%. This extreme divergence often signals the calm before the storm. Strangely, the U.S. spot ETF has seen a net inflow of funds for 18 consecutive days, yet the price stubbornly fails to break through previous highs, as if an invisible hand is suppressing the market.

Miners are staging an apocalyptic celebration; after the halving, the overall network has not only maintained but increased its hash rate, with those old mining machines that should have been eliminated barely surviving on ultra-low electricity prices of $0.03. However, a closer look at the blockchain explorer reveals that recently, 50% of the blocks have been monopolized by three anonymous mining pools, with a hash rate concentration comparable to the Mt. Gox era of 2014. The market is waiting for a trigger point — it could be BlackRock suddenly applying for a physical redemption mechanism, or it could be the 140,000 BTC compensation from Mt. Gox starting to move.

(On-chain detectives have discovered that an ancient address, which had been dormant for 11 years, suddenly woke up, with a buying cost of 1,000 BTC being only $3. Even more terrifying is that the number of such 'zombie coins' activated in the past month has surged by 400% year-on-year...)