The panic index today is 66, still in a state of greed.

The public purchases of Bitcoin by US spot ETFs, MicroStrategy, and other institutions, although generally beneficial for Bitcoin's price increase, only represent the tip of the iceberg of total demand; they are merely favorable news at the information level, but not enough to drive the price to a new historical high. If the overall demand from large holders and other retail investors is simultaneously declining, it will be difficult for Bitcoin to break through new highs solely relying on the purchasing power of the spot market in the short term.

Currently, tariffs have been confirmed to be postponed until August 1, and once the negative news lands, it will mark the beginning of reaching new highs.