I took a look at the order book of the BTC spot market and found an interesting phenomenon:

When the price surged to around $74,000, there was a large buy order supporting the market.

However, strangely, during the subsequent price increase, I did not see similar large buy orders providing support.

Instead, at the high levels, there were mostly sell orders, indicating that many people are taking profit at the highs.

From this phenomenon, we can actually infer two possible conclusions:

1. The main funds are not optimistic about the future market — they are reducing their positions while prices are being pushed up, indicating that they do not intend to hold for the long term;

2. The current price is still not their ideal "bottom price" — in other words, they do not plan to buy heavily yet.