$BTC

Bitcoin's current trend feels like a psychological battle, with both bulls and bears tugging back and forth at the critical level of $65,000. On-chain data reveals the secret — over the past week, there has been a net outflow of 23,000 BTC from exchanges, yet the open interest in derivatives has hit an all-time high, indicating that large funds are employing the classic strategy of "spot holding + futures hedging." What’s particularly interesting is that the U.S. SEC suddenly postponed its decision on the Ethereum ETF while remaining silent on the Bitcoin spot ETF applications, creating an unusual scent in the market.

Miners are putting on a final crazy show; as the block rewards are halved post-halving, older mining machines are being shut down in bulk, yet orders for the latest generation of miners have surged by 300%. The hash rate market is experiencing a strange split: North American mining operations are engaging in frenzied mergers and acquisitions, while Central Asian miners are selling second-hand equipment at low prices. Behind this quiet migration of hash power is a capital arbitrage in energy that is reconstructing the global mining landscape. Do you think it can break through the previous high of $70,000, or will we see another "post-halving crash" curse?