Today's market bulls are likely confused by the data showing a net inflow of 896 million from the fourth largest Bitcoin spot ETF in history. Over the past 24 hours, more than 150 million USD in leverage positions were liquidated in the contract market, with bulls accounting for over 90%. The panic sentiment around Bitcoin at high levels has intensified in the short term.

The trend logic for Bitcoin was quite clear yesterday; the short-term four-hour support is near the 70,000 point. The sudden surge in long contract volume is the main reason for this round of leverage acceleration within the day. Additionally, the adjustment and pullback in the US stock market in the evening brought about a ripple effect.

The number of initial jobless claims in the US for the week and the core PCE data for September both showed some degree of negative impact, which indirectly indicates that the employment situation in America is stable and the economy is recovering. On the other hand, it also suggests recurring inflation. This creates greater uncertainty regarding the Federal Reserve's upcoming economic policy, leading to capital fleeing from the US stock market to avoid risks.

As a result, the spot price of gold has reached historical highs, and the market's greed for gold was particularly evident today. The presence of certain attributes in an asset is not just about talk; whenever social instability arises, it can spur a significant rise in gold. Bitcoin's safe-haven attribute is still in development; its current market value is less than 7% of gold's market value. The path ahead is challenging but full of hope for future development.

Today also marks Bitcoin's 16th birthday! Sixteen years is a dramatic transformation for Bitcoin, from non-existence to existence, from niche to mainstream. In 2008, Satoshi Nakamoto's white paper introduced a revolutionary concept, and now Bitcoin is thriving towards its goal of becoming 'digital gold.' Fortunately, we have always been on the path of development in the trend of the Web3 era.