Last night's big bullish candle indeed activated the entire market. BTC surged from 94,000 to 97,932 in one go, just a small step away from the key resistance level of 98,000. Currently consolidating around 96,000, many are feeling conflicted: is this the top, or just a mid-game rest?

From a capital perspective, the most solid support for this round of market movement comes from funding. Yesterday, the US Bitcoin spot ETF saw a single-day net inflow of $840 million, with one institution, BlackRock, contributing $648 million. This is no longer just "capital inflow," but a frenzy of capital pouring in. Most importantly, these major institutional players don't see this as a high point at all—they are still aggressively adding positions. This is the real fuel behind the bull market.

On the macro side, there are some noises. Trump has recently been "fighting" with the Federal Reserve, emphasizing loyalty. It seems like a political mudslinging match, but the underlying logic is worth pondering: during election years, economic and political battles become more intense, increasing uncertainty. It is precisely this macro chaos that will lead more capital to view Bitcoin as a hedge—after all, under the global easing expectations, the appeal of "digital gold" will only grow stronger.

Overall, the funding environment is extremely optimistic. Although there are some fluctuations macro-wise, the logic favors Bitcoin's safe-haven attributes. In the short term, prices may continue to rise, and the medium-term bullish pattern remains intact.