BTC: As of May 13, 2025, the current price of BTC is $102,700; it has decreased by 1.27% within 24 hours, with a low of $100,700. Yesterday's high close pattern was a 'spinning top', accompanied by a certain volume, indicating a lack of strength from the bulls and a dominance of the bears in the short term. On-chain data shows that the net inflow of U.S. spot Bitcoin ETFs yesterday was 49.96 BTC (approximately $5.2 million), with limited institutional fund inflow but confidence not lost. Trading volume was concentrated in the U.S. session, coinciding with the U.S. Treasury auction (3-month and 6-month), which performed weakly (rising yields, declining subscription multiples), potentially leading some funds to flow from Bitcoin to U.S. Treasuries. The turnover rate data indicates that trading activity has not significantly exceeded last week, and players are not panicking due to the decline, with most still holding an optimistic view on the market outlook. On a macro level, the U.S. dollar index has risen to 101.5, and the 10-year U.S. Treasury yield reached 4.46%, with the Federal Reserve's interest rate cut expectations adjusted down to two times, both of which exert pressure on risk assets. In summary, although the price is under pressure, Bitcoin demonstrates strong resilience. The technical aspect also provides support: the support range of $96,000 to $98,000 is solid, indicating that the market is in a healthy adjustment phase in the short term. However, there has been a divergence in the overall direction of Bitcoin's trend, and the difficulty is increasing. Normally, higher demand leads to higher prices; currently, there is a divergence between price and demand, suggesting that it may not be able to push prices further. Therefore, the conditions for a violent bull market are still not mature at this time. This implies that Ethereum and altcoins cannot be expected to reverse at the moment! Next week, focus on whether Ethereum's weekly BOLL can hold up! This could determine whether the market will reverse or rebound?