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What BTC is most worth paying attention to now is not how much it has risen, but that negative factors are increasingly unable to move it. The CLARITY Act has been postponed to September, so regulatory catalysts have fallen through, but BTC still holds around $65,000. More importantly, money is still flowing in. This week, the net inflow into the US spot BTC ETF is about $755 million, potentially making it one of the best-performing weeks since April. On-chain data is also clear: since July 29, large holders with 10–10,000 BTC have cumulatively increased their holdings by over 20,000 BTC, worth about $1.2 billion. ETFs are buying, whales are buying, but the price hasn't significantly surged yet. This is actually the core logic behind my current bullish bias. Because bottoms often don't happen with a big surge immediately after large funds buy in, but rather: Capital accumulation → price consolidation → retail investors lose patience → floating supply decreases → then the direction is chosen. The macro environment is also starting to cooperate. In July, US nonfarm payrolls unexpectedly decreased by 23,000, showing clear cooling in employment. If subsequent data continues to weaken, pressure on interest rates and the dollar will ease, which is naturally positive for high-beta assets like BTC. But I am not directly calling for a bull market restart now. The key focus next is $65K–$66K. If there is a volume breakout and the price holds above, I will continue to look toward $68K–$70K; if ETF inflows weaken and BTC falls back below $62K–$63K, then a reassessment is needed. So my current view is very clear: Short-term volatility, medium-term bullish; do not chase the rally, pay attention to pullbacks in batches. The CLARITY delay only pushes the catalyst back and does not change the fact that funds are flowing back. What is truly worth being cautious about is never "negative news appearing," but rather positive news with no buyers. . #AIMemorySelloffEases #BTCETHETFInflowsReturn #SpaceXShortCovering