The price of BTC has broken through the $110,000 mark. Despite geopolitical tensions and tariff news creating uncertainty, reasonable operations can still seize the opportunity for this round of increase. The participation of retail investors in this wave is low, and the dynamics of large holders have become key to price fluctuations. Funding rates remain low, and the trading activity of retail investors is extremely low, while other mainstream crypto assets are underperforming. On-chain data shows that a large amount of BTC is being absorbed by a few whale-level wallets, and corporate-level demand driving price behavior has become a key factor in market judgment. In the current market, the ownership of BTC is shifting from early users, miners, and exchanges to a new generation of institutional investors represented by MicroStrategy. Demand for call options is weak, implied volatility is low, and the spot market continues to accumulate, driving an increase, reflecting long-term allocation intentions rather than short-term speculation. Some traders have suffered losses due to their failure to identify the risk of a pullback in advance. The market carries risks, and investments should be made cautiously; this article does not constitute investment advice.

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