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This callback is not an isolated event, but rather an emotional release intertwined with multiple factors. On a macro level, uncertainties such as the delayed expectations for a Federal Reserve interest rate cut and the risks of the US-EU tariff war have put pressure on high-risk assets, with Bitcoin, as the leading digital asset, being affected simultaneously; the funding situation shows a clear tug-of-war between bulls and bears, with the global crypto market experiencing a liquidation scale of 485 million USD in the past 24 hours, of which the proportion of BTC long liquidations exceeds 60%, and high-leverage trading further amplified price fluctuations. At the same time, the US government plans to liquidate potential selling pressure of 6.5 billion USD from seized BTC, which has led investors to choose to wait and see at key price levels. After the selling pressure in the range of 89,000-90,000 USDT has been released, a short-term downward momentum has started to show. $BTC

However, the market has not fallen into widespread panic, with the movements of institutional funds becoming an important buffer. Data shows that since January, the inflow of BTC ETF funds has regained momentum, and the overall pace of institutional accumulation still far exceeds the new supply from miners, maintaining the long-term supply-demand imbalance; technically, the area around 89,000 USDT was previously a range for institutional accumulation, and some bottom-fishing funds have begun to test entry, which has somewhat restrained the downward trend. The current market is at the crossroads of macro uncertainty and institutional trends, and in the short term, attention should be paid to the dynamics of the Federal Reserve meetings and tariff policy developments, while in the long term, the clarification of the regulatory framework and the deep participation of traditional financial institutions still provide structural support for core assets. #加密市场观察
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