Recent market signals are emerging simultaneously:

On one hand, the expectation of interest rate cuts by the Federal Reserve has further weakened, leading to a significant decline in U.S. 10-year Treasury futures, with long-term interest rates rising and funding costs remaining high, posing macroeconomic bearish pressure on risk assets like Bitcoin.

On the other hand, the selling pressure from Bitcoin miners has dropped to its lowest level since 2024, with more miners choosing to hold and wait for higher prices, forming a **temporary bullish support from on-chain data.

This means that despite a tightening macro environment and short-term adjustment risks, the alleviation of on-chain supply pressure provides some buffer for bulls. The market may enter a period of oscillation and game-playing, necessitating close attention to whether price fluctuations trigger a new wave of miner selling or repricing risks.

In summary:

> "Bearish pressure comes from the macro, bullish support comes from on-chain, BTC may oscillate in the short term, and direction still needs to be determined by price."