Recently, Bitcoin has been fluctuating around $95,000 with a clear decrease in volatility as the market enters a consolidation phase. Despite a brief outflow from ETFs, the overall trend of funds remains a net inflow, and institutional allocation enthusiasm remains high. Expectations of interest rate cuts from the Federal Reserve and policy easing provide medium to long-term support for Bitcoin. Coupled with the favorable policies brought by the U.S. elections, market sentiment is relatively optimistic. There may be short-term fluctuations and adjustments, but the medium to long-term upward trend remains clear. Attention should be paid to subsequent ETF fund flows and policy changes.