As a new player who has experienced a round of bull and bear markets, the recent breakthrough of 100,000 dollars made me smell a completely different bloody scent: the market is staging an epic battle for chips, and most people have not understood the power changes behind it.

1️⃣ The truth of the collapse of the old order

Government confiscation of coins, bankruptcy liquidation coins, and lawyer-frozen coins, these 'zombie chips' are collectively awakening. When the cold wallet of a certain bankrupt exchange moved last week, on-chain data directly taught me a lesson — these coin holders do not care about the 'digital gold' narrative at all; the moment they signed the court documents, they were destined to be the main force in dumping. But what about this crash? A quick recovery of 5% within the day shows that the market's digestion capacity has undergone a qualitative change.

2️⃣ Wall Street's conspiracy is harsher than we think

BlackRocks are not really 'buying in,' but executing a precise hedging strategy. Observing the inflow periods of IBIT funds perfectly corresponds to the premium periods of CME futures. While these institutions are eating chips with spot ETFs, they have long locked in hedged positions in the derivatives market. What they are playing is not the one-sided long that retail investors understand, but a cost-zero arbitrage matrix.

3️⃣ The deadly trap of corporate reserves

When a listed company announces its allocation of Bitcoin, smart money is already calculating its debt maturity dates. A large number of corporate bonds will be due at the end of the second quarter, and these 'corporate holdings' may very well become the next wave of selling pressure. But Wall Street has long set the stage — the liquidity provided by spot ETFs is the perfect tool to absorb these sell-offs.

Looking at each bullish candle on the weekly chart now, it is a certificate of power transfer between the old and new capital systems. When the last batch of ancient whales from the Mt. Gox era completes their chip replacement, Bitcoin will officially enter the institutional pricing era. Remember: all revolutions will ultimately be co-opted by the system, and cryptocurrencies are no exception.

On-chain data shows that the net outflow from exchanges in the past 30 days has reached a new high since December 2020, while the IV of open option contracts has strangely decreased: this is a typical technical characteristic of long-term funds replacing short-term chips. This silent capital uprising has just begun.