Last night, a friend asked me what I think about BTC's rally. I took a quick look—it went from 70780 to 71839, up 1.15%. To be honest, this kind of volatility doesn't really mean much in the crypto space.

What really caught my attention is another set of data.

BTC holdings on exchanges have dropped to their lowest level since November 2017. This means more and more people are withdrawing their coins and locking them in cold wallets—the market is actively contracting supply.

Everyone's focused on price, but what really deserves attention is where the chips are flowing. The continuous decline in exchange reserves signals that supply is being tightened.

Looking at funding rates, we're now in an extremely low negative range. Shorts are crowded, and market sentiment is pessimistic.

Geopolitically, the US-Iran conflict does bring uncertainty. But interestingly, since the conflict began, BTC's gains have outpaced gold, silver, and the S&P 500.

This perhaps suggests the market has already started pricing BTC as a haven asset.

Risks certainly exist. If we break below the 70500 support level, we could test 69500 or even lower. But if we can hold firm and break through 73330, targeting 74000 shouldn't be a problem.
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