This wave of market activity is indeed interesting. Bitcoin has been oscillating around $93,000, and since the beginning of the year, it has already increased by nearly 8%. Recently, it even surged to around $95,000, hitting a new high in the past 7 weeks.

The most noteworthy change is in the market sentiment—shifting from extreme fear to a more moderate fear, with continuous improvement as prices rise. What is the main driver behind this? The re-emergence of large-scale capital inflows into the US spot Bitcoin ETF is the key catalyst. The flow of funds often reflects the true intentions of institutions and major investors, and this trend warrants ongoing observation.