ETF whale activity has clearly weakened these past few days, and BTC has consequently stabilized around 93000. It's clear that the bulls haven't completely given up on this round. That V-shaped rebound last night was quite peculiar—initially institutions were dumping, but late in the session another force forcefully pulled it back. This suggests that the institutions buying ETFs don't have unified views internally; the disagreement is significant.

The precious metals situation is ridiculous. Gold has broken through 4500 again, and silver has climbed above 82. The rebound speed on this wave is unreasonably fast—consider how overbought precious metals were previously. While the risk event in Venezuela is providing some push, this recovery pace is too aggressive. Maybe the era of mass retail gold trading really is coming.

The problem is, precious metals surging like this may not be favorable for BTC. Now precious metals have become a liquidity black hole, with massive capital being absorbed into it. Only when it consolidates and rests will BTC have a chance to regain market attention.

Market sentiment over the past couple of days has started cooling, not as frenzied as before. Chasing highs at this level actually carries considerable risk and is easy to get trapped. All major markets are stuck at key levels; whether we can break through remains uncertain. We'll just have to play it by ear.