Last night a friend asked me what I thought about the BTC rally. I took a quick look—it went from 70780 to 71839, up 1.15%. Honestly, this kind of movement doesn't really count as anything in crypto circles.

What really caught my attention was another set of data.

BTC holdings on exchanges have dropped to their lowest level since November 2017. This means more and more people are withdrawing their coins and locking them in cold wallets—the market is actively contracting supply.

Everyone's focused on price, but what really deserves attention is the flow of chips. The continued decline in exchange reserves indicates that supply pressure is tightening.

Looking at the funding rates, they're now in an extremely low negative zone. Shorts are crowded, and market sentiment is pessimistic.

On the geopolitical front, the US-Iran conflict certainly brings uncertainty. But interestingly, since the conflict began, BTC's gains have outpaced gold, silver, and the S&P 500.

This might suggest that the market has already started pricing BTC as a safe-haven asset.

Risks certainly exist. If it breaks below the 70500 support level, it could test 69500 or even lower. But if it holds steady and breaks through 73330, looking at 74000 shouldn't be a problem.
$BTC $ETH $SOL #比特币站上七万美元 #伊朗明确达成停火协议要求 #SEC与CFTC签署合作备忘录