U.S. Producer Price Index (PPI) for November increased by 0.2% month-over-month, exceeding expectations of 0.1%, with the annual rate remaining at 3.0%. A few days ago, everyone was celebrating that December's CPI met expectations, but once the PPI data was released, the market began to worry about rate cut expectations.

The three major indices all declined. The S&P 500 fell by 0.53%, marking the first consecutive two-day decline since the beginning of the year; the Nasdaq dropped even more, by 1%. The entire U.S. stock market is filled with concerns over persistent inflation.

But Bitcoin has moved in the completely opposite direction. In the past 24 hours, BTC surged to a high of $97,924, successfully breaking through the 99-day moving average. Although it has now pulled back to $96,552, this rally's independence is still impressive.

**Why can Bitcoin ignore economic data and rise against the trend?**

There are several key drivers. First is the strong inflow into Bitcoin spot ETFs — on Tuesday, the U.S. Bitcoin spot ETF saw a single-day net inflow of $753 million, the largest since October 7 of last year. This indicates that traditional financial institutions and large funds are accelerating their布局.

Second is the short squeeze effect. Short positions were forced to cover during this rally, further pushing up the price. Plus, the so-called "Goldilocks" phenomenon — an economy that is neither too strong nor too weak — is actually a positive signal for crypto assets, as it suggests there will be no extreme tightening.

The continuous inflow of ETF funds signals that institutional investors are treating Bitcoin as a core asset for hedging inflation and easing cycles.