#比特币现货ETF申请进展 This weekend, the crypto market experienced another big pump, with Bitcoin breaking through $122,000 and Ethereum reaching a new high of over $4,300. Looking back, we were discussing Bitcoin spot ETF back in the bull run of 2017, and it's surprising that six years have passed and this matter is still ongoing. However, the current market environment is vastly different from that time.

The influence of institutional funds is growing, and the market's sensitivity to macroeconomic data has also increased. For example, this recent rise is related to the rebound in US stocks and the recovery of risk appetite. The CPI data to be released next Tuesday will be another important milestone. If the inflation data is lower than expected, it may further boost the market and even set new historical highs. However, if it is higher than expected, we may have to brace for a wave of correction.

In the long run, institutional demand and the inflow of ETF funds are key. Over the years, we have experienced many ups and downs, but each cycle has expanded the market size and improved the maturity of the industry. Now that Bitcoin is once again approaching its historical high, it inevitably reminds us of the peaks and valleys of the past. I hope that this time, we can see a healthier and more sustainable rise. After all, true value always takes time to validate.