Yesterday, ETF net inflow was $425 million? Future bearish or bullish?

From a technical perspective: BTC reached our previous short position of 97800 before starting to pull back. It is currently in a narrow fluctuation after a one-hour divergence, retreating to the previous central range of 94900-93800; the bottom around 93000 is the protective price for institutions. This pullback is within the expected range, and the upward trend is still intact. However, if a top structure forms at 97800 and it substantially falls below 92600, it will cause a shift in the upward trend, leading to a significant reversal, with major support at around 85000 after the drop;

From the capital inflow situation: On May 5, Bitcoin spot ETF saw a net inflow of $425 million, while Ethereum spot ETF had a net inflow of $0. The spot Bitcoin ETF continues to see net inflows, indicating stable institutional demand; in the short term, while Bitcoin has the potential for a surge, the upward momentum is limited (as of May 3, the probability of the Federal Reserve not cutting rates in May is 100%, and in June is 63%, which is an increase from the previous probability of not cutting rates in June);

From the news perspective: The Ethereum Pectra upgrade will take place at 3:05 AM Pacific Time on May 7 (6:05 PM Beijing time on the same day), with the Federal Reserve's interest rate decision and Powell's speech scheduled for 2 AM on May 8. It is expected that market fluctuations will be significant, so everyone should try small positions and set stop losses carefully;