Let's summarize: Why did Bitcoin reach a new high?

This surge is not simply due to new capital entering the market. It is mainly because the Fed is considering lowering interest rates in July 2025 during yesterday's monetary policy meeting, so the price of cryptocurrencies reacted in advance. Additionally, through the data, I observed that this situation is relatively unhealthy. Bitcoin has reached a new high, but the spot CVD and contract CVD have not kept up, and the trading volume hasn't even surpassed the previous high. This is more like a rise driven by (stop-loss orders on short positions / and market price long orders on contracts). Overall, it is a case of pushing up prices to offload.