On the macro level, the Central American country of Panama is considering establishing a national Bitcoin strategic reserve and plans to allow payments of government fees, including tolls for the Panama Canal, in Bitcoin. In fact, as early as last year, Panama passed a bill supporting the use of cryptocurrency for tax payments, fines, and other administrative fees.
Meanwhile, Blockstream CEO and cypherpunk legend Adam Back boldly predicts that Bitcoin will break the million-dollar mark within the next five years. He believes that as global recognition of crypto assets continues to increase, this figure is not unattainable.
There is also significant news in the stablecoin field. At the 2025 Bitcoin Conference, Tether CEO Paolo Ardoino publicly disclosed that the company currently holds more than 100,000 Bitcoins and over 50 tons of gold. He emphasized that 'the competitor of gold is not Bitcoin, but the continuously depreciating fiat currency.'
On the regulatory front, the U.S. SEC applied to the court this Thursday to withdraw the lawsuit against a certain company. In 2023, the SEC had accused the company of several violations, including failing to restrict U.S. users, misleading players, and illegally selling unregistered securities. The withdrawal agreement has been jointly signed by the SEC, the company, and Zhao Changpeng's lawyer, and submitted to the Washington Federal Court.
According to the latest report released by Glassnode, BlackRock and Fidelity's spot Ethereum ETF is currently at an average loss of 21%. The current price of Ethereum is $2,601, while the entry costs for BlackRock and Fidelity are $3,300 and $3,500, respectively.
In the derivatives market, the monthly options settlement will be completed this afternoon. Data shows that the maximum pain point for BTC is $100,000, with a short-to-long ratio of 0.89; for ETH, the maximum pain point is $2,300, with a short-to-long ratio of 0.81, indicating that there are still many players in the market choosing to short or hedge.
Despite frequent macroeconomic positive developments, Bitcoin's trend has not risen as expected. Over the past three days, Bitcoin has experienced consecutive declines, while U.S. stocks have steadily climbed. Important positive news this week also includes the ability for U.S. 401K retirement accounts to invest in crypto assets, as well as legal obstacles facing some of Trump's tariff policies, with a 14-day suspension period.
Notably, Trump met with Federal Reserve Chairman Powell for the first time. Although no policy breakthroughs were achieved, it conveyed his strong expectations for monetary easing policies.
ETF data shows that the U.S. spot Bitcoin ETF saw a net outflow of 3,219 coins yesterday, valued at $347 million; the U.S. spot Ethereum ETF saw a net inflow of 34,300 coins yesterday, valued at $91.9 million.
Despite a pullback in Bitcoin's trend, the market has not shown obvious panic. The turnover rate of short-term chips has decreased, and the main funds remain in a wait-and-see state. The support range remains solid, located between $93,000 and $98,000. The core PCE price data to be released tonight will be the focus of market attention. If the data performs better than expected, it may boost player confidence.
Overall, Bitcoin has retraced to the 5-week line position as expected, and the potential for further retracement may be limited. Patience is needed to wait for adjustments, and it is highly likely to enter a high-level consolidation phase and build momentum for an upward trend.
