Recently, the BTC spot ETF data appears somewhat weak, with the three major institutions—BlackRock, Grayscale, and Fidelity—showing a certain degree of reduction in holdings. Although the total amount is not large, it already reflects the current cautious market sentiment.
From a funding perspective, the purchasing power of BTC itself is insufficient, and now with the added selling pressure, it naturally puts the market under pressure.
The key focus will still be on Powell's speech this Friday, as the market will likely choose a direction after the speech.
In my personal judgment, Powell may not directly release clear monetary policy signals and will still emphasize "based on economic data."
