Bull is back! Brothers hiding in Meituan and Ele.me's golden arches!

Recently, traditional media has intensively reported titles like "Bitcoin Enters a Bear Market" and "ETF Investors Suffer Overall Losses." According to historical experience: when mainstream opinion is unanimously pessimistic, it is very common to see a short-term reflexive upward fluctuation.

Last night, a large number of accumulated shorts were liquidated, with 220 million blown up in 24 hours. So the breakout last night was likely due to a massive accumulation of short positions in the 88–90K range, triggering a chain stop-loss and short squeeze after breaking through 89K.

Of course, the return of ETFs is also significantly related. The total net inflow of Bitcoin spot ETFs yesterday was about $129 million, with the most notable performer being FBTC - the highest net inflow in a single day, at approximately $171 million.

The focus now is on whether there is no longer such a strong short squeeze momentum, and whether the subsequent ETF inflow can keep up, as well as whether MicroStrategy can provide some positive news. As long as market sentiment stabilizes, many projects will seize the opportunity for TGE and pump.