Currently, the new buying and potential buying of Bitcoin mainly falls into three categories:

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

2. Public Company Bitcoin Treasury Strategy: More and more publicly traded companies have begun to replicate MicroStrategy's Bitcoin treasury strategy this year, continuously buying Bitcoin;

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

The first two categories should be the main buyers driving this wave of increase in the second quarter, while government Bitcoin reserves are only potential buyers that have not yet started to release.

In addition, BlackRock's IBIT, although it has a high market share in the ETF market, seems to be primarily used for delta-neutral hedging, making it difficult to drive up Bitcoin prices. It has limited reference value. Personally, I believe that the four ETFs FBTC, ARKB, BITB, and BTC have more reference value.