$BTC has no particular thoughts, but discussing the basic situation is also okay. The price fluctuations of BTC at 1 are dominated by multiple macro policies and institutional movements. The $600 billion trade agreement and tariff rollback reached between the United States and Saudi Arabia have boosted market risk appetite. However, there are differing expectations for the Federal Reserve's interest rate cuts, with some institutions betting on September instead of July, compounded by the upcoming release of the U.S. Treasury's regulatory framework for crypto assets, which has triggered short-term capital risk aversion. Meanwhile, Ukraine plans to collaborate with Binance to establish a national Bitcoin strategic reserve, and the Ethereum Foundation has launched a 'trillion-dollar security plan' to enhance ecological credibility, while the investigation by the U.S. Democratic Party into the Trump family's crypto investments adds political uncertainty. The market shows a differentiated pattern of 'slight outflows from Bitcoin ETF funds and counter-trend inflows into Ethereum ETF funds', with the emerging token LAUNCHCOIN's market cap surpassing $350 million, becoming the focus of short-term speculation. The current market is in a key game period at historical highs, where policy signals and institutional behaviors will dominate the subsequent directional choices. $BTC