The cryptocurrency market is experiencing a significant bullish trend, thanks to the recovery of investor confidence, despite increasing geopolitical and fiscal uncertainties. Bitcoin has surged to a new all-time high of $126,200, supported by record inflows into cryptocurrency exchange-traded products (ETPs), as well as a growing recognition of Bitcoin as a safe-haven asset amid economic turmoil. Institutional participation remains strong, although retail activity appears to be waning, indicating that large investors are concentrating their actions amid macroeconomic concerns. Bitcoin reached a new record high of $126,200, benefiting from historic weekly inflows of $5.67 billion into global cryptocurrency ETPs. Market sentiment is increasingly driven by fears of fiat currency devaluation and geopolitical instability, reigniting the theory of "devaluation trades." Institutional investors dominate cryptocurrency inflows, with spot Bitcoin ETFs leading the gains, while retail investor activity shows signs of fatigue. #BTC再创新高 #GT #BTC