In the past couple of days, the market has shown a clear divergence—while US stocks are adjusting, Bitcoin is staging a comeback, reaching a high of $97,925. Gold has also hit a new high with a fierce rally.

What is driving this behind the scenes? Tensions in geopolitical situations, numerous policy uncertainties, and growing concerns among global investors about economic prospects and the credit system. The US Supreme Court's decision on the legality of certain trade policies has been postponed again, and the waters are deeper than they seem; it’s unlikely that the dust will settle anytime soon.

On-chain data shows interesting developments. BTC rebound has driven turnover rates higher, with trading volume on a major spot trading platform soaring for two consecutive days. Over the past year, such a volume level has been reached fewer than 20 times, indicating that most of the inflow is from US-based funds, and how long this can last remains uncertain.

Bitcoin holdings are very stable, now back in the 91K-96K range, where 1.803 million BTC are accumulated. Data also shows that listed companies have added 260,000 BTC in the past six months, worth about $25 billion, with an average monthly increase of 43,000 BTC. During the same period, miners produced only about 82,000 BTC—corporate buy-ins are more than three times the mining output.

So far, the public and private sectors hold a total of 1.2 million BTC. Among them, MicroStrategy alone holds 687,410 BTC (accounting for 60%), worth approximately $65.5 billion. The trend of institutional acceleration in Bitcoin accumulation is clear from these numbers.