BTC: As of May 23, 2025, the current price of BTC is $110,800; the closing formation yesterday was a "small bullish candle," with trading volume slightly weakened compared to the previous trading day, indicating that while short-term bulls remain active, momentum is somewhat lacking. On-chain data shows that the U.S. spot Bitcoin ETF had a net inflow of 8,528 coins yesterday, valued at $935 million, with institutional confidence skyrocketing. Looking at the Hyperliquid platform, four players have used 40x leverage to hold nearly $1.2 billion in BTC long positions, all of which are in a floating profit state, reflecting robust market confidence—this phenomenon usually occurs in the mid-stage of a major upward trend. On a macro level, Federal Reserve Governor Waller mentioned the possibility of interest rate cuts in the second half of 2025, with low interest rate expectations favoring crypto assets, but in the short term, the market may need to digest overheating sentiments. Overall, the MVRV model indicates that the Bitcoin price top is approaching the red line (around $118,000), while the bottom is near the yellow line. Corrections in 2024 have stabilized around the yellow line, and the current red line represents a potential target for this market cycle. The Bitcoin supply on the platform has slightly increased (about 4,000 coins up from the lowest value), with limited selling pressure; long-term holdings (over one year) of Bitcoin continue to decrease, indicating that upward momentum is still present. In the short term, the daily Bitcoin price has deviated from the 5-day moving average, and it is expected that over the next week, a slight correction or consolidation may be needed to digest the current trend, at which point it may again maintain an upward trajectory.