Bitcoin continues to be bullish. Against the backdrop of gold hitting an all-time high and global monetary easing, Bitcoin experienced a temporary pullback recently due to trade frictions and the U.S. government shutdown, providing an opportunity for investors to get on board.

The current price fluctuations are mainly dominated by global liquidity, with global M2 growth still able to explain more than half of Bitcoin's price fluctuations, further reinforcing its property as an "anti-inflation asset." Recently, the role of the Asian trading session in price discovery has strengthened, reflecting the impact of regional liquidity changes on the market.

At the beginning of October, Bitcoin futures open interest reached a high of $52 billion, followed by a price pullback of about 18% due to leverage liquidation. Currently, the leverage level has returned to a reasonable range, and the relative price of Bitcoin to gold is at a one-year low, which is more indicative of a mid-term adjustment rather than the start of a bear market.

On-chain data also shows that the market is maturing: the revenue of mainstream public chains is highly correlated with coin prices, Bitcoin continues to see institutional accumulation, the robustness of the ecosystem is continuously strengthening, and the value of allocation is becoming increasingly prominent.