In terms of news, BTC experienced a significant drop last night, with a net outflow of $438 million in spot ETFs. BlackRock continues to buy, but it is difficult to resist large-scale sell-offs from other institutions. From past rounds of slight pullbacks, it can be seen that other institutions always sell during declines and buy back during subsequent rises. In contrast, BlackRock's investment strategy appears to be more stable and can serve as a bellwether.

The news also suggests that the Federal Reserve may cut interest rates in December, and the new Treasury Secretary candidate has proposed reducing federal spending. There has been no significant change in sentiment regarding the election backdrop, and these factors are not unfavorable for Bitcoin's price. Currently, the market sentiment may be weak, and FOMO enthusiasm is decreasing.

At the same time, Grayscale's trust fund is also selling off, but the spot ETF has received 420,000. Given the current market situation, although there have been fluctuations, the trend of a bull market is still optimistic, and it is highly likely that BTC's price will surge above $100,000.