On July 15, according to 4E observations, in the past 72 hours, Bitcoin prices have continued to fluctuate near historical highs, and market sentiment remains optimistic. As of 15:00 (UTC+8) on July 15, 2025, Bitcoin is now trading at US$118,730, and the fluctuation range in the past 72 hours has remained between US$117,500 and US$119,800. Short-term support is solid, showing strong institutional backing power. The main reason for this round of strong market is still the continued draw of gold from the US spot Bitcoin ETF. BlackRock's iShares Bitcoin Trust (IBIT) total holdings have exceeded 704,000 BTC, with a market value of nearly US$76 billion. Data showed that the net inflow was approximately US$164 million on Monday (July 14) alone, far exceeding the single-day capital inflow of newly issued bonds during the same period, highlighting the attractiveness of crypto assets to traditional capital allocation. At the same time, concept stocks closely related to encryption in the U.S. stock market performed strongly. MicroStrategy (MSTR) extended last week's gains, rising about 5.6% in 72 hours, while Riot Platforms and Marathon Digital also posted moderate gains. Investors have shown continued confidence in the two-wheel logic of "on-chain positions + ETF-driven". At the macro level, the U.S. Congress's "Encryption Week" has officially launched, and a number of legislative reviews such as the CLARITY Act and the GENIUS Act are underway, which are expected to promote institutional breakthroughs in areas such as stablecoins and asset custody. In addition, the U.S. CPI growth rate fell to 2.8% year-on-year in June, strengthening market expectations for interest rate cuts during the year and also providing external support for risky assets. 4E reminds investors that although the market is strong, fluctuations are still frequent. It is recommended to pay close attention to the flow of ETF funds and policy progress, and reasonably control the level of leverage.