Analysis: The Federal Reserve's interest rate cut expectations are difficult to counter the weak funding environment and tightening policies in Japan. Matrixport stated that Bitcoin's price is once again hindered at the key resistance level of $92,000, with upward momentum slowing. Although the market anticipates that the Federal Reserve may initiate interest rate cuts next week, related ETFs have only seen slight net inflows, and the overall funding environment remains weak, making it difficult to support the judgment of a significant return of institutional funds. At the same time, signals of tightening in Japan's monetary policy have intensified market anxiety, with the 2-year Japanese government bond yield breaking above 1% for the first time since 2008. Investors are beginning to reassess the consistency of major global central banks in their easing pace. Against this backdrop, even if the Federal Reserve releases dovish signals, it is challenging to offset the tightening expectations from other economies, and the overall policy direction remains tight, providing a rationale for institutional investors to reduce their exposure to Bitcoin.