According to data from the CME official website, Bitcoin holdings hit a record high, reaching 21,749 lots, equivalent to 108,700 coins. Compared with October 15, there were 7,573 new lots, or 37,865 coins, which shows:

1. Traditional financial institutions bet on the approval of Bitcoin spot ETF, and the probability of approval is high;

2. Before the news is announced, institutions have already deployed futures and spot funds. Once it is announced that the ETF is approved and the benefits are realized, the market will face huge selling pressure.

3. This bull market may have two rounds, one is the hype expectations before the news is announced, and the other is the entry of new funds a few months after the good news is realized.

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