#夏日创作营 Looking back, what happened this week:

CPI and PPI came in below expectations, and the market started pricing in rate-cut expectations.

BlackRock Bitcoin ETF options’ open interest limit was increased by 4 times, meaning institutions can deploy larger amounts of capital to participate in the market.

BlackRock CEO said that in the next 12 months, the outlook for the crypto market is very bullish, and they no longer worry about excessive leverage.

CZ said that the penetration rate of crypto assets is still below 1%, and there remains enormous room for growth.

For 60 straight days, there has been negative basis, yet there hasn’t been the kind of persistent selloff seen in the past—this suggests that someone has been consistently stepping in to buy.

Meanwhile,

the Middle East situation escalated, the US stock market pulled back, and geopolitical tensions have kept mounting…

In the past, placing these kinds of messages together would easily lead the market to fall consecutively.

But this time, the market didn’t follow the old script.

In the past, what drove the market was retail sentiment.

Now, what drives the market is institutional capital.

They won’t chase rallies or panic-sell just because of a single news item.

What they care about more is:

whether capital inflows will continue in this market over the next 5 years and 10 years.

So recently, I’m increasingly convinced of a saying:

A real bull market isn’t where news drives prices, but where capital changes the market’s structure.