The recent strong rise of Bitcoin is not a false boom, but is supported by solid fundamentals. Market data shows that the inventory of Bitcoin on exchanges and over-the-counter trading platforms is nearing depletion, with supply severely constrained. Meanwhile, buyer enthusiasm is high, with purchasing speed even exceeding the mining speed of miners. This supply-demand imbalance has caused the price of Bitcoin to soar to a historic high of $122,884.

Matt Mena, an analyst at 21Shares, pointed out that the current market is in an extreme imbalance of "surging demand and tightening supply," making it nearly impossible for short sellers to intervene. Data from Bitfinex also confirms that buyers are not very sensitive to prices and continue to buy in large quantities.

However, it is worth noting that this round of gains is not a participation of the whole population. Bitwise's André Dragosch revealed a little-known fact: retail participation is actually not high. Google search trends show that the search volume related to "Bitcoin" has not significantly increased, indicating that public enthusiasm has not yet been fully ignited. What truly drives this wave of market movement is the large-scale buying by institutional investors.

Overall, the current Bitcoin market presents a pattern of "retail investors on the sidelines, institutions entering the market." Under the dual influence of supply shortage and strong institutional demand, Bitcoin prices continue to rise. This unique market dynamic may indicate potential changes in Bitcoin's future trends, which investors should closely monitor.