About this unexpected crypto surge: This is a violent rebound led by institutions, driven by leverage, with retail investors largely missing out. Some key data: 1. The total supply of stablecoins hasn’t increased significantly, meaning few new retail investors are entering the market; 2. CME’s BTC futures positions have risen rapidly, showing strong institutional enthusiasm; 3. Coinbase’s Bitcoin premium is still negative, indicating the rally isn’t spot-driven. Although it’s leverage-driven, the good news is that it has broken through the previous bull-bear dividing line of 64,789, opening up room for further upside and entering a bull market pattern.