The most critical question after BTC breaks 80k: Who is buying?

When the market is rising, the most important question isn't how much it rises, but—who is buying.
If retail investors are chasing the rally, the risk is high;
If funds are strategically deploying, the trend is stable.
So far, this rally hasn't shown crazy retail sentiment, which is a good thing. It indicates the market is still in a rational phase.
But the problem also comes with it:
Without crazy emotions, the pace of the rise won't be too fast.
In the short term, around 80k, there will be repeated fluctuations because this is a typical "disagreement zone."
As for 100k, it's more like a distant lighthouse than an immediate destination.
Looking at ETH, its current state is very much like a "compressed spring."
Once BTC stabilizes, funds tend to look for higher-yield assets, and ETH is the top choice.
History tells us:
BTC rises on certainty, ETH rises on imagination.
In a word:
Now is BTC's time, but that doesn't mean it will always be.
#比特币ETF期权持仓限额增4倍