The recent rapid rise in Bitcoin prices indeed warrants analysis from multiple dimensions.

From a macro perspective, the key trigger was the unexpectedly easing of the US core CPI data. This data directly influences market expectations of the Federal Reserve's policy direction, thereby changing the valuation logic of risk assets. Once rate cut expectations heat up, the anticipation of liquidity easing will push up the valuation of risk assets.

Technical and capital factors are also very important. In the short term, technical breakthroughs have triggered stop-losses among shorts, followed by a surge of long leverage entering the market. The volatility in the options market also confirms the rapid shift in market sentiment. More notably, funds from traditional financial institutions are beginning to flow into the crypto market, which is not just driven by retail sentiment but also a shift in macro asset allocation.

From an on-chain data perspective, several details are quite interesting. Net outflows from exchanges are accelerating, indicating that large holders are holding rather than selling. Long-term holders are not experiencing large-scale selling pressure; instead, new buying mainly comes from institutions and large investors. This suggests there is solid spot support at the bottom, not just emotional speculation.

However, it is important to be cautious that short-term surges are often followed by corrections. Market conditions always involve variables such as repeated data signals, profit-taking, and liquidity exhaustion. Investors should make decisions based on their risk tolerance and investment cycle, avoiding being scared by the rise or driven by panic emotions.