There are two biggest motivations and one fundamental factor for this round of Bitcoin's rise. One is the ETF narrative, and the other is the reserve purchase narrative, accompanied by inflation expectations and the US dollar flooding cycle. However, these two motivations have basically come to an end. Under the premise of fiscal neutrality, reserve purchases are also difficult to implement further. Powell's speech last Friday indicated that the inflation risk is actually not as big as the employment risk, which also indirectly shows that concerns about CPI have further declined.