Let's first acknowledge the fact: April was indeed strong

From 68K to 79K, a 10% monthly increase, the best monthly line since Q4 2024.

The data is also there:

ETF's net inflow in the last week was $933 million — institutions didn't run away

Strategy bought another $2.5 billion, holding up to 815k coins

IBIT options scale reached 27.6 billion, surpassing Deribit

FOMC's hawkish stance didn't crash the market, "no rate cuts" has already been dismissed by the market as nonsense.

On the surface: strong bottom at 77K, as steady as an old dog

But think about connecting these three things

How is this market being sustained now?

It's not retail investors rushing in, it's not expectations of rate cuts being fully priced in, and it's not some halving magic.

It's supported by institutions buying dozens of billions of dollars every month as if it were a fixed investment.

So here's the question: why are institutions buying?

They are betting on three things in May:

❶ CLARITY Act passing approval

Providing a clear regulatory framework for cryptocurrencies, banks dare to enter the market

❷ U.S. strategic reserve implementation

Real gold and silver used to buy BTC from the national treasury, this story can be spun for three years

❸ Wosh's statement on May 15th after taking office

When this person speaks, it's either rocket fuel or fire extinguisher

What if all three things fall through?

Legislation continues to be delayed

Reserves turn into "under research"

Wosh's response is always "no rush, let's observe first"

Then tell me: what justifies the "stability" at 77K?

No macro tailwind, relying solely on institutional buying?

Institutions are not here to do charity. They can buy, and they can also crash. #比特币现货交易量新低 $BTC