In the past two days, I haven't been paying much attention to complex data, after all, it's mostly just what Trump has been saying. Instead, I've been focusing more on user sentiment. Especially after comparing the data of BTC, MSTR, and ETFs over the past week, my personal view is that this recent wave of increases is not largely related to traditional American users, including ETF investors and MSTR investors.

In fact, this group of investors is more closely related to U.S. stock investors. Especially since MSTR did not follow BTC's trend after Bitcoin reached new highs, but instead aligned more closely with U.S. stocks. Although in the big picture, BTC, MSTR, and U.S. stocks are consistent, the details still reflect the priorities of traditional investors.

Therefore, I am more concerned about the BTC inventory data on exchanges. It is evident that after Trump's market threats, Bitcoin indeed experienced three noticeable inflows, but by now, they have all been consumed, and even more BTC has been transferred away from exchanges. So, personally, I still feel that, at least for now, market sentiment is not panic-driven.

The market's perception of tariffs should be a gradual process of demystification, as the situation with China has already made everyone accustomed to it. Next, it seems to be the EU, and it appears that the unresolved issues are with China and the EU. $BTC $ETH