BTC Major Capital and Market Analysis:

1) The buy orders on the order book are relatively small, and in the past 24 hours, both spot and contract major funds have seen a net outflow;

2) On the 3rd, ETF institutions had a net inflow of 600 million, and ETF institutions continue to buy without hesitation;

3) The bullish volume at the four-hour level is very weak, while the bearish volume is relatively stronger, but there is no absolute strength or main volume observed;

Short-term decline adjustment, with a target price around 105,000, and a medium to long-term bullish outlook of around 150,000.