$BTC

Bitcoin's current trend resembles a psychological battle, with both bulls and bears repeatedly tugging at the critical position of $65,000. On-chain data reveals the secrets—over the past week, there has been a net outflow of 23,000 BTC from exchanges, yet the open interest in derivatives has reached a historical high, indicating that large funds are playing the classic strategy of "spot hoarding + futures hedging." What’s particularly intriguing is that the U.S. SEC suddenly postponed its decision on the Ethereum ETF while remaining silent on the Bitcoin spot ETF application, a differential treatment that has raised unusual suspicions in the market.

Miners are staging a final frenzy; with the block reward halved after the halving, while old mining machines are being shut down in bulk, orders for the latest generation of mining machines have surged by 300%. A strange split is occurring in the hash power market: North American mining farms are aggressively merging and acquiring, while miners in Central Asia are selling second-hand equipment at low prices. Behind this quiet migration of hash power is the energy arbitrage capital that is reconstructing the global mining landscape. Do you think we can break through the previous high of $70,000, or will we see another "post-halving crash" curse?

(On-chain monitoring detected a mysterious address buying 500 BTC at 3 AM for three consecutive days, reminiscent of the rhythm of institutional entry in 2020...)