Microsoft shareholders rejected cryptocurrency-related proposals, which was within market expectations and has limited impact. The Bitcoin spot ETF attracted a large net inflow of funds, reflecting institutions' expectations and confidence in Trump's policies. Mainstream institutions are reconfiguring their positions in the cryptocurrency market, and the Auntie ETF has set a historical record, with the flow of funds fully indicating optimistic sentiment.

Afternoon thoughts: ① Bitcoin is fluctuating around 98300-98800, with a target of 96900.

② Auntie is fluctuating around 3700-3720, with a target of 3600.