Bitcoin surged to nearly $119,000, continuing to rise throughout the day.

The underlying funding situation is not weak: this week, the net inflow of spot Bitcoin ETFs was approximately $253 million, while the macro environment is playing with the inflation disturbances brought by interest rate cuts and tariffs.

On the market side, there is a significant cluster of short liquidations above $120,000; once effectively broken, mechanical passive buying will amplify the momentum.

My intuition: if the trading volume holds up tonight, the main rally will continue; if it surges with low volume and then pulls back, pay attention to the second choice after a high-level turnover. Keep an eye on the net inflow into exchanges and the basis between spot and futures prices, don't be passively beaten. Data source: ETF funds and liquidation heatmap snapshot.