Currently, there are three main types of new and potential buying in Bitcoin:

1. Bitcoin ETFs: Traditional financial institutions such as pension funds and sovereign funds mainly use this route;

2. Public Company Bitcoin Treasury Strategy: More and more publicly listed companies have started to copy MicroStrategy's Bitcoin treasury strategy this year, continually buying Bitcoin;

3. Government Bitcoin Strategic Reserves: Three state legislatures in the United States have passed Bitcoin reserve bills, and countries like Pakistan also plan to establish Bitcoin strategic reserves.

Among these, the first two are likely the main buyers driving this wave of increases in the second quarter, while government Bitcoin reserves are still potential buyers and have not yet begun to release.

Moreover, although BlackRock's IBIT has a high market share in ETFs, IBIT seems primarily used for delta-neutral hedging, making it difficult to drive Bitcoin prices up, and its reference value is not high. Personally, I believe that FBTC, ARKB, BITB, and BTC are four ETFs that have more reference value.