The bull is back! Brothers lurking in Meituan and Ele.me's Golden Arches! Recently, traditional media has been intensively reporting titles like "Bitcoin Enters Bear Market" and "ETF Investors Suffer Losses Across the Board." Based on historical experience: when mainstream opinion is unanimously pessimistic, it is very common to see a short-term rebound. Last night, a large number of accumulated short positions were liquidated, with 220 million blown up in 24 hours. So the breakout last night was likely due to a massive accumulation of short positions in the 88–90K range, triggering a chain of stop-loss orders and short squeezes after breaking 89K. Of course, the ETF inflow also played a significant role, with Bitcoin spot ETF seeing a total net inflow of about 129 million dollars yesterday, among which the standout was FBTC - with a single-day net inflow of about 171 million dollars. Moving forward, the key point is whether there will be enough short-squeeze momentum, and whether the subsequent ETF inflows can keep up, along with whether MicroStrategy can provide some positive news. As long as market sentiment stabilizes, many projects will seize the opportunity for TGE and pump up.