This round of BTC pump

It is not a bull market at all, but rather debt reduction.
You think that BTC broke through a new high of 110,000, which is the beginning of a bull market, but in fact, this is the United States to resolve the on-chain harvesting war of U.S. bonds. In fact, U.S. bonds are looking for the process of taking over the market, so who bought U.S. bonds in the past, institutions bought them, and now institutions don't buy them, because U.S. bonds are facing the risk of collapse, not only no one buys them, but now many countries have begun to sell U.S. bonds, so if institutions don't buy them, then they have to buy them individually, why should that person buy them? Only when it is profitable can someone buy, so the BTC in the crypto circle began to soar, breaking through the previous high, creating wealth benefits, so retail investors rushed in, in fact, to help Lao Mei get rid of Lao Mei's US debt.
Recently, you can see that the stablecoin bill recently passed by the United States is actually a compliant and stable market on the surface. In fact, he is using BTC and USDT to buy US Treasury bonds to continue the hegemony of the US dollar, and the new law stipulates that any compliant stablecoin, such as USDC and USDT, must have 100% US dollars or US Treasury bonds as reserves. In other words, if you want to buy a $1 stablecoin, the issuer has to use $1 to buy U.S. bonds, or put it into a dollar account. If you carefully examine this logic, you will find that the more people in stablecoins, the more buyers of U.S. bonds, this is not regulation, this is the on-chain version of the automatic distribution system of U.S. bonds.
So, don't think this is a bull market, and don't feel that the issuance of USDT is just for buying coins; the core reason is to resolve the U.S. debt!