ETF big players have significantly reduced their activity in recent days, which is why BTC has stabilized around 93,000. It’s clear that the bulls are not willing to give up completely this time. Last night’s V-shaped rebound was quite strange; initially, institutions were selling off, but by the end of the session, another force managed to pull the price back up. This indicates that opinions within the institutions buying ETFs are still quite divided, with considerable disagreements.

On the precious metals side, things are even more outrageous. Gold has broken through 4,500 again, and silver has also surpassed 82. The speed of this rebound is almost unreasonable—considering how overbought precious metals were before. Although there was a risk event in Venezuela that helped push it, the recovery pace is just too fierce. Maybe the era of全民炒金 (全民炒金 - "全民" means "everyone" and "炒金" means "speculating in gold") is truly coming.

The problem is, such a狂飙 (crazy surge) in precious metals may not be beneficial for BTC. Now, precious metals have become a liquidity black hole, with a large amount of capital being sucked in. Only when they pause and consolidate will BTC have a chance to regain attention.

Market sentiment has started to cool down in the past two days, no longer as crazy as before. Chasing highs at this point carries significant risk and could easily lead to being trapped. Major markets are all stuck at critical levels, and it’s uncertain whether they can break through. Let’s watch and see how it develops.