$BTC 1. Emotional Divergence

◦ Retail Bullish: The Cryptocurrency Fear and Greed Index remains at 70 points, indicating optimistic sentiment among retail investors.

◦ Institutions Cautious: Firms like BlackRock continue to increase holdings (buying $357 million in BTC/ETH in a single day), but are sensitive to macroeconomic data in the short term.

2. Capital Flow

◦ Liquidation Events: Trader James Wynn suffered a loss of $16.14 million due to market volatility; some short positions were liquidated at $103,859.

◦ ETF Capital Inflows: The average daily net inflow for U.S. spot BTC/ETH ETFs is $150 million, indicating solid long-term allocation demand.