$BTC

As of now, the price of $BTC is approximately $92,512, down about 1.1% for the day. Despite a slight price pullback, overall market sentiment still shows a cautiously optimistic attitude.

Price Structure and Market Momentum

Today's price fluctuations are mainly influenced by the following factors:

Institutional funds continue to flow in: Sovereign wealth funds and other large institutions are quietly accumulating Bitcoin, indicating long-term bullish confidence.

Macroeconomic indicators support: The growth of the M2 money supply is seen as a positive signal for a potential rise in Bitcoin in May.

Technical indicators show support: Bitcoin's price has found support in the range of $91,000 to $92,000, an area that has served as an important support level under past market conditions.

On-chain Data and Fund Flows

Number of active addresses: The number of active addresses has slightly decreased, from 1,000,000 the previous day to 980,000, which may reflect a decrease in trading activity in the short term.

Increased holdings by large investors: Whale addresses are increasing their holdings by about 23,000 BTC weekly, indicating that large investors' confidence in the market is strengthening.

Exchange balances rebound: The balance of Bitcoin on exchanges has risen to 2.7 million BTC, which may imply that investors are moving assets back to exchanges in preparation for trading or cashing out.

Transitioning from a high-risk asset to a "sovereign hedge tool": With increasing global geopolitical tensions and declining trust in fiat currencies, investors are increasingly viewing Bitcoin as a safe haven against risks in the traditional financial system. This shift could drive demand and prices for Bitcoin higher in the future.