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#加密市场上涨 Bitcoin's recent sharp fluctuations are mainly driven by three factors: ETF fund inflows and outflows, extreme market sentiment, and actions by large on-chain holders. Over the past week, spot ETF experienced large net inflows and outflows, with a maximum single-day net inflow of $260 million, positively pushing the price to rebound quickly. However, at the same time, on-chain data shows some whales taking profits in batches at high levels, amplifying market volatility.
Specifically:
1. The current BTC rally is primarily driven by liquidity—ETF funds entering the market and some insti