The essence of the Bitcoin bull market is to quickly consume liquidity, allowing stablecoins to be issued to purchase U.S. Treasury bonds. At the same time, companies represented by MicroStrategy have recognized this trend and have taken advantage of government departments, using stock issuance and even financing costs of 8% to buy Bitcoin. Therefore, the essence of the Bitcoin bull market is that U.S. Treasury bonds need stablecoins as a reservoir, and institutions see Bitcoin as the most effective reservoir. They hit it off immediately, but ultimately, if there is risk in U.S. Treasury bonds, stablecoins will take over; if there is risk in Bitcoin, those high-interest derivative purchasers will bear the risk.