On June 3, 2025, the electronic screens in the Wall Street trading hall were suddenly flooded with blood-red. The price of Bitcoin broke through the $110,000 mark, and short positions collectively liquidated within an hour, with $2.7 billion in funds pouring in through Bitcoin spot ETFs, pushing the price to a historic peak. A trader at the Chicago Mercantile Exchange stared at the screen and murmured, "This is not a retail frenzy; it is a precise slaughter initiated by capital using ETFs as a new weapon."

1. Macro Changes: Policy Tailwinds Ignite Institutional Ammunition

As the Federal Reserve signaled interest rate cuts and inflation cooled, a capital encirclement targeting the crypto market quietly unfolded. In May 2025, the U.S. core PCE inflation rate fell to 2.52%, a two-year low. Meanwhile, the Federal Reserve released expectations for rate cuts, and the liquidity gates for the dollar were about to open. This signal was sharply captured by Wall Street—$3.03 billion in net inflows into BlackRock's Bitcoin ETF in a single week set an annual record, and the Norwegian sovereign wealth fund secretly held 42,000 Bitcoins through covert channels, valued at over $4.6 billion.

A deeper policy conspiracy surfaced. The Trump administration appointed PayPal veteran David Sacks as the White House cryptocurrency chief, who quickly pushed for the implementation of the "GENIUS Stablecoin Act." This act mandates that stablecoins be 100% backed by U.S. Treasury bonds, deeply binding the crypto market to the dollar's hegemony. As a $36 trillion Treasury crisis loomed, Bitcoin was endowed with the strategic status of "digital gold," becoming a new fulcrum in the dollar system.

2. Short Squeeze: ETFs Become Wall Street's New Weapon

Traditional short-selling forces retreated in the face of the siphoning effect of Bitcoin ETFs. On June 3, $2.7 billion in ETF funds struck at three key weak points like a scalpel:

2.1 Liquidity Trap: When shorts attempted to hammer down prices at $105,000, BlackRock's IBIT market makers instantly absorbed all sell orders, compressing the bid-ask spread to 0.01%.

2.2 Volatility Suppression: S&P 500 component funds included Bitcoin in their hedging portfolios, suppressing historically high volatility.

2.3 Technical Breakdown: Whales ambushed and accumulated 18,000 BTC in the 24 hours before the breakout, forming a golden cross technical pattern.

The fear-greed index staged a dramatic reversal: it soared from 39 (fear) to 73 (greed) within 48 hours. As 170,000 short accounts turned red in the on-chain liquidation monitoring map, a total of $572 million turned to ashes. A hedge fund manager who had shorted MicroStrategy chuckled bitterly, "What we are fighting against is not cryptocurrency; it is the flood of dollars through ETFs."

3. East vs. West: The Underlying Game Between Asian Retail Investors and Western Institutions

In this capital feast, regional competition quietly emerged. Data showed that the Asian trading session contributed 58% of the trading volume, but the flow of funds presented a stark contrast:

• Eastern Strategy: Retail investors in China and South Korea leveraged contracts on Binance up to 125 times, chasing the volatility dividends of meme coins like Trump and MAGA.

• Western Chessboard: BlackRock used ETF shares as collateral to sell put options on the Chicago Options Exchange, achieving "zero-cost positions."

This division reflects structural changes in the market, as former believers in decentralization found that the number of active addresses on the Bitcoin chain fell by 17% amid the surge—ETFs are draining the soul of the spot market.

A new saying circulated among Wall Street traders: "Buy code, not tokens; look at quarterly reports, not white papers."

4. Conspiracy Emerges: The Trump Administration's Bitcoin Strategy

Political power and capital converged at this moment. World Liberty Financial, controlled by the Trump family, secretly accumulated 32,000 Bitcoins through the over-the-counter market a week before the price breakout. Meanwhile, Trump shouted on social media, "Not a single Bitcoin should be sold!"—on the surface calling for holding coins, but in reality squeezing liquidity.

A deeper national strategy surfaced. With the U.S. controlling only about 200,000 Bitcoins (10% of the circulating supply), it urgently needed millions of reserves to control pricing power. A former White House economic advisor revealed that the internal strategy was divided into two steps:

- Short-term Squeeze: Attracting opposing positions through regulatory easing, then using the ETF channel to blow up the shorts.

- Long-term Accumulation: Forcing institutions to hold coins long-term through tax law adjustments, aiming to control 30% of the circulating supply.

Such operations directly target the crisis of dollar hegemony. With $35 trillion in national debt increasing by $1 trillion every 100 days, the petrodollar system faced rebellion from Saudi Arabia, and gold reserves were repatriated by multiple countries. When Bitcoin's total market value surpassed the 10% threshold of gold, it officially became a new anchor in the dollar system.

5. Hidden Dangers: Ecological Fractures Behind the Revelry

Beneath the capital feast, the cryptocurrency market is undergoing a genetic mutation. The total market value of stablecoins has decreased by 37% from its peak in 2024, and the trading volume of CEX altcoins has reached a three-year low. The once-thriving "altcoin season" transmission mechanism has completely broken down—when BlackRock CEO Larry Fink announced a target price of $700, funds only remained in the IBIT trust, no longer flowing to Uniswap or Solana ecosystems.

The collapse of safety lines is even more alarming. In May, hackers stole assets worth $182 million, and North Korean hackers employed "wrench attacks" to interrogate high-net-worth holders, with a single heist amounting to $5.2 million. When Coinbase faced a $400 million lawsuit due to customer service bribery leaking user data, the ideal of decentralization crumbled before centralized vulnerabilities.

6. Endgame Simulation: Tamed Bitcoin and the Vanishing Crypto Spirit

Standing atop the $110,000 peak, Satoshi Nakamoto's white paper is yellowing in the Wall Street vault. As Bitcoin's 30-day volatility fell to levels comparable to traditional tech stocks, and ETF holdings surpassed miner reserves, a harsh reality has emerged: the financialization of Bitcoin is the incorporation of traditional capital.

The crypto world once shouted, "Banks are untrustworthy," but now BlackRock has built a new power center with $55.38 billion in ETF management scale; blockchain touted "resistance to censorship," yet the GENIUS Act turns every stablecoin into a vehicle for U.S. Treasury bonds. > Capital never sleeps, but freedom needs to breathe. When $2.7 billion in ETF ammunition blasted open the $110,000 door, the ghost of Satoshi whispered in the block rewards: is this truly a victory for Bitcoin, or the ultimate pacification of Wall Street against the crypto uprising?

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