#比特币ETF Bitcoin returns to $90,000, which looks lively, but I have to pour some cold water—there are no substantial catalysts behind this rally; it's purely a technical rebound. $90,000 was once a resistance level, and now that it has bounced back to this point, short covering and momentum-driven buying naturally follow, which is an inertial market reaction, not a new story.

More notably, the details of ETF outflows exceeding $1 billion in December. What does this indicate? It suggests that institutions are quietly reducing their positions under the guise of tax-loss harvesting, while the entire market is de-risking. Bitcoin is stuck oscillating between 86,500 and 90,000, seemingly rising, but in reality, it's a trapped rebound.

Having been in this market for many years, I’ve seen too many of these "false breakouts." Technical rebounds can easily create a false impression of a bullish market, and retail investors chasing the high are the ones being caught at this moment. The key is to ask yourself: does this rally have a solid fundamental support? Are new buyers continuously entering? Or is it just a technical rebound due to options expirations and fund rebalancing?

If you're already at a high position, don’t be fooled by the gains. Take profits when appropriate, don’t wait for the next trap to appear. The market’s best trick is this—initially giving you some sweetness to lower your guard, then sweeping you out in one move.