Bitcoin has already surpassed $97,000, hitting a new high for the week. The most interesting thing is that even if there are uncertainties in the advancement of certain bills, this rally shows no signs of slowing down.

What does this indicate? It suggests that the market has already been digesting short-term policy uncertainties. The buying logic has shifted — no longer purely chasing policy benefits, but genuinely optimistic about the medium- to long-term fundamentals.

But here’s a practical issue: whether the price can hold this level ultimately depends on whether funds are willing to continue following.

Analysts are all focusing on a key indicator — ETF capital flows. Whether institutions or retail investors, currently ETF is the main source of incremental growth. Before the policy path is fully clarified, the next few trading days will serve as a litmus test. Will funds continue to add? Will the market open up new space? Or will it get stuck in a repeated pattern at high levels?

The answers to these questions all depend on the market’s execution power. The direction is already quite clear; now it’s just a matter of whether it can stabilize.