As Bitcoin ($BTC) short-term gains return to the $40,000 mark, market sentiment is once again high. Many investors are optimistic about breaking through $50,000 by the end of the year and are adopting long-term holding strategies; others are taking advantage of the fluctuations to engage in spot grid arbitrage. However, it is important to pay attention to the risks of macro policies and changes in mining power; if large sell orders occur again, prices could quickly fall back. In summary, reasonable position management and setting stop-loss orders are the key strategies when dealing with highly volatile assets.