BTC is switching from 'short covering' to 'ETF real money driving the market.' Yesterday, BTC briefly touched $79,500. This week, U.S. spot ETFs saw a cumulative net inflow of about $1.6 billion, with $606 million flowing in just on Thursday. Meanwhile, U.S. stocks aren't having it so easy: S&P 500 is down -1.43% this week, Nasdaq down -2.05%, and the 10Y Treasury yield is still hovering around 4.7%. My view is clear: the current incremental liquidity favors BTC, while U.S. stocks are still weighed down by long-term bonds suppressing valuations. But the AI industry narrative remains intact—Micron just announced a $10 billion investment in AI memory development over the next decade. So, here's what I'm watching next: whether BTC can hold above $78,000, and whether the 10Y yield can drop below 4.65%. The former will determine the crypto trend, while the latter will shape the valuation space for U.S. stocks.