Although the latest US weekly unemployment claims data has softened somewhat, this bearish pressure is limited, and market resilience still exists. The true driving force behind the crypto market remains the capital inflows from within the market. Bitcoin spot ETF has been continuously attracting funds during this period, with net inflows remaining stable, becoming an important support for BTC prices. The macroeconomic landscape is relatively calm, which instead makes traders more focused on changes in capital—this is the key variable that determines short-term rises and falls. The current situation is quite clear: as long as the buying interest in the spot ETF does not weaken, the market will have the confidence to continue its upward trend.