BlockVC's latest report shows that due to Bitfinex&Tether being accused by NYAG, USDT price fluctuations, platform funds fleeing or pushing up BTC premium on Bitfinex, panic emotional fermentation is the core driving force of BTC's recent rise. During the BTC price increase process, the overall trading sentiment and risk appetite of the market did not increase substantially. Other mainstream currencies and small and medium-sized market currencies did not follow the rise, and the amount of field memory was insufficient. The Bitmex contract was deeply discounted, and the market upside was small. The risk is greater. Fundamental analysis models such as chain transfer amount, currency day destruction and NVTS show that Bitcoin is in the near term or facing a medium-term deep callback.