#机构比特币持仓# Bitcoin has strongly broken through $122,000 over the weekend, reaching a recent high, and market sentiment has clearly warmed up. From the data, this rebound is related to the overall strength of risk assets, especially as U.S. stocks approach historical highs. The short-term focus shifts to Tuesday's CPI data, which, if below expectations, could further support the rise of encryption assets. However, demand for put options in the $115,000-$118,000 range has increased, indicating that some traders are hedging risks. Currently, prices are in a key resistance zone, and profit-taking may occur before the CPI announcement. However, considering that the market has recently successfully digested the selling pressure from Large Investors, I tend to maintain a structurally bullish outlook. Moving forward, I will focus on institutional demand and the inflow of Spot ETF funds, which could be key factors in determining the breakthrough of historical highs.