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#美联储重启加息，BTC为何仍有韧性？ With expectations of Federal Reserve rate hikes heating up, BTC has shown resilience at the high level of $87,000, mainly due to a structural institutional transformation in the market. Nearly $1 billion in net inflows into spot ETFs in a single day and increased holdings by corporate treasuries like Strategy have made institutional funds the main pricing force. BTC is transitioning from a high-risk asset to an institutional allocation asset, reducing its sensitivity to interest rates. However, risks remain. As commentators note, highly leveraged institutions (such as the debt risks implied by the “Micron” metaphor) could be the next trigger. The sideways trading at the high range of $84,000–$85,000 heavily depends on continuous capital inflows. If the Fed continues to hike rates and withdraw liquidity, highly leveraged companies will face debt pressure, which could easily trigger a sharp correction. Currently, it is a battle between liquidity and macro factors, and the pace of institutional inflows is key to judging the subsequent trend.