$BTC $BTC , Macroeconomic Risk Mitigation, Market Sentiment Rebounds

As signs of easing in the US-China trade friction emerge, market risk appetite has significantly rebounded. Recently, US President Trump has sent positive signals, indicating a willingness to resume negotiations with China, which has alleviated investors' concerns about an escalation of the 'tariff war'. Although a complete restoration of relations between the two countries will take time, short-term policy adjustments have created a favorable environment for risk assets. Last week, Bitcoin surged quickly from $85,000 to $95,000, while safe-haven assets like gold saw a pullback.

This week, the market's focus shifts to US economic data, including non-farm employment, GDP, and PCE inflation indicators. If the data is weak, it may reinforce expectations of a Federal Reserve rate cut in June, further benefiting risk assets. However, caution is warranted regarding the potential impact of the Bank of Japan's interest rate decision on global liquidity.

2. Bitcoin Breaks $95,000, ETF Funds Become Key Support

Bitcoin strongly broke through $95,000 last week, reaching a six-week high, but then encountered resistance and fell back to $94,861, with a 24-hour increase of 1.44%. This round of price increase is closely related to the inflow of spot ETF funds: on April 22, a single-day inflow reached $912 million, which is 500 times the average for 2025, with BlackRock's iShares Bitcoin Trust (IBIT) contributing over $600 million.

Market Dynamics Analysis:

Institutional Dominated Buying: ETFs continue to absorb Bitcoin supply, forming strong support. Currently, the total holdings of 11 US Bitcoin ETFs exceed 580,000 coins, valued at over $54 billion, becoming the main 'marginal buyer'.

Liquidation Wave and Long-Short Game: In the past 24 hours, over 110,000 people were liquidated, amounting to $275 million, with long positions accounting for 62%. Although the funding rate for shorts remains negative, selling pressure at highs is quickly absorbed .