The recent sharp fluctuations are primarily driven by U.S. geopolitical events (such as sudden conflicts between the U.S. and Israel) and large-scale ETF fund inflows and outflows, causing BTC to dip to a low of 63,000 within 24 hours and rise close to 68,000, with an amplitude of over 8%. Meanwhile, on-chain data shows that large holders (whales) continue to accumulate during price declines, with addresses holding hundreds of coins approaching 20,000, indicating that the market structure is being optimized.