Bitcoin hit a high of $97,000 in January, supported by continuous inflows into US spot ETFs. Recently, over $1.5 billion has flowed into the market, and institutional investors' large orders of $843.6 million have directly broken through the previous consolidation range of $88,000. From a funding perspective, the influx of incremental capital has indeed injected considerable vitality into the market. However, market observers also warn that although short-term liquidity is abundant, whether this rally can continue remains to be seen, especially by watching the subsequent attitude of institutional buying.