On November 8, Singapore crypto investment institution QCP Capital issued a document saying that yesterday, the net inflow of Bitcoin spot ETF was US$1.38 billion, a record high. Coupled with the optimism brought by Trump's election victory and the Federal Reserve's interest rate cut by 25 basis points, the broad expectation of pushing the price of Bitcoin to US$77,000 earlier this morning. However, investors are starting to withdraw some of the "Trump deal": the dollar has given up most of its post-election gains, and Treasury yields have fallen back into recent volatility after a brief period of sharp swings. As markets consider Trump's plan to impose a 60% tariff on China and fiscal issues such as rising national debt, Bitcoin's risk premium relative to stocks is expected to decrease, which could give it hope to outperform other risky assets. Continued bullish sentiment in Bitcoin may also create a feedback loop, in which increased ETF inflows push up Bitcoin prices, which in turn attracts more retail capital and systemic fund purchases as volatility declines.