For more than two months, the continuous inflow of Bitcoin spot ETFs has not led to sustained new highs in Bitcoin prices. After reaching $112,000, each rebound has been weaker than the last, as if Bitcoin is being suppressed. The market lacks liquidity, and the anticipated interest rate cuts have not materialized.

Currently, there are no new highlights in the market; it mainly revolves around reserves and ETFs. Global top capital has also joined in, creating a sense of a ceiling, indicating a need for new growth points.