After half a year of fluctuations, Bitcoin has temporarily reached 69,000, just a few hundred dollars away from the strong resistance level of 70,000, but it can't seem to break through. Subsequently, it turned around without any negative news, indicating some obvious manipulation by the whales. This wave of upward movement has been supported by numerous positive news, but the key still lies in the strong push from ETF funds.

BlackRock has continuously increased its holdings for five consecutive working days, with a total addition of 16,975 BTC, a level of weekly increase that has not been seen since March.

Fidelity ranks second with a net increase of 4,807 BTC, followed by ARK with 4,538 BTC, and Bitwise with 2,244 BTC in fourth place.

It is worth mentioning that Grayscale's GBTC also had a net increase of 963 BTC in the past week, not counting the number of Mini ETF increases.

Ethereum has been somewhat weaker.

In stark contrast to ETH, even during times when liquidity is not tight, investors' limited funds are still concentrated primarily in BTC.

In the past week, the net purchasing power of twelve U.S. ETFs was 31,119.43 BTC, an increase of 685.34% compared to the previous week. This figure far exceeds that of ETH, and Grayscale's net selling has shifted from 1,103.36 BTC two weeks ago to a net inflow of 1,232.71 BTC, indicating that Grayscale is no longer synonymous with BTC selling.

In the past week, the net increase in already recorded spot ETFs was 29,692.72 BTC, which is 530.5% higher than the previous week, with Hong Kong experiencing a net outflow of 51 BTC in the past week.

Additionally, the Bitcoin Strategic Reserve Act has been raised again. If this bill is passed, a bullish BTC reaching 300,000 dollars next year may not be far-fetched.

According to Cointelegraph, U.S. Senator Cynthia Lummis from Wyoming has officially proposed the (Bitcoin Strategic Reserve Act) in the Senate, which will instruct the U.S. government to begin establishing a reserve fund for scarce decentralized assets.

More specifically, the bill would establish a 'decentralized secure Bitcoin vault' controlled by the U.S. Treasury, and it also instructs legislators and bureaucrats to develop strict cybersecurity parameters and other physical security measures to ensure that Bitcoin funds are not stolen.

U.S. Senator Cynthia Lummis recently stated that her 'Bitcoin Strategic Reserve' bill is 'the only viable solution to reduce the national debt by half by 2045.'

The plan will first transfer the 210,000 Bitcoins currently held by the U.S. government into a reserve managed by the Treasury. This reserve will accumulate to 1 million BTC within five years, constituting 5% of the global supply.

If this is really accomplished by Trump, Bitcoin's status will undoubtedly rival that of real gold.

Once this bill is enacted, the first impact will be on prices. As one of the largest economies in the world, changes in U.S. policy have a significant influence on the global financial market. The news of Bitcoin becoming a strategic reserve asset will trigger a strong market reaction, leading to a sharp increase in demand for Bitcoin from investors, thus driving its price skyrocketing.

This will also greatly enhance its mainstream recognition; other countries and institutions may follow the U.S. lead and include Bitcoin in their reserve assets, further solidifying Bitcoin's position in the global financial system.

As more countries and institutions adopt Bitcoin as a reserve asset, its nature will lead holders to prefer long-term holding, which may reduce the volatility of the Bitcoin market.

In other words, the volatility of Bitcoin's dramatic ups and downs in the next cycle will be significantly reduced, and by then a complete Bitcoin will be out of reach for most people.

Moreover, as the U.S. election approaches, if the upcoming November elections and the Federal Reserve's meeting once again affect the market, the time you have to hesitate is truly becoming less and less.

Currently, the market is basically in a wait-and-see state, with everyone focusing on 75,000, the last line of defense. In the short term, the current price does not have the cost-effectiveness for entering or exiting. The first four attempts to break through 70,000 have all ended in failure, followed by significant retracements. This time is the closest to 70,000, but it still failed. There is a high probability that it is a trap for shorts while also triggering a liquidation of long contracts, leading to a sharp drop before a rapid rebound, and then directly breaking through 70,000.

Once it breaks through 70,000, after reaching 73,000, it will quickly hit 75,000. At that time, shorts will close all positions and switch to longs, and since no one is trapped at the 75,000 price point, selling pressure will naturally disappear and no one will be bearish.

FOMO will reappear, and funds with light positions will rush in at this price point, leading to a vigorous bull market.

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