A strong BTC is entering a correction phase, and it feels like it's going to drop. If tomorrow's weekly line continues to close positively, I will continue to hold my short positions. This wave of the bull market feels like it's about done. If that's the case, this little bull holding on doesn't seem so terrifying; it's more about my own psychological fear. Looking at the losses, it's actually not that bad. I've averaged down four times, and my cost is now around $93,000. This means BTC needs to drop to $93,000 to break even. Although I misread the direction, the outcome is much better than I expected. So I will continue to hold my short positions.
The US spot Bitcoin ETF recorded the highest weekly trading volume since 2025, with a total trading amount reaching $25 billion and a net inflow of $2.75 billion, marking the second-highest single-week net inflow for such products since their launch at the beginning of 2024. BlackRock's IBIT currently holds 3.3% of the global Bitcoin supply, with net assets exceeding $71 billion, approximately three times that of the second-ranked FidelityFBTC. During the same period, the Ethereum spot ETF saw a net inflow of about $250 million, the highest level since early February, although trading volume experienced a slight decline.
Recently, the public opinion between Harvard and the Trump administration has continued to ferment, with American scholars criticizing the government for creating a "culture of fear," and many universities expressing support for Harvard. International students face the risk of transferring or losing their status, with lawyers recommending that they wait for legal developments or apply for other visas.
Key conflict points:
1. Accusations of anti-Semitism. The government accuses Harvard of condoning protests supporting Palestine, threatening the safety of Jewish students.
2. Harvard refuses to close DEI programs or reform admissions policies, insisting on independent governance.
3. Government economic pressure. Freezing federal funding (totaling over $2.65 billion) and threatening to revoke tax-exempt status.
4. The international student ban. Directly undermines Harvard's global academic influence and may lead to a brain drain.
Event timeline:
In late March 2024, the Trump administration announced a review of nearly $9 billion in federal funding for Harvard due to concerns over "anti-Semitism on campus." This move was seen as a direct intervention in the political atmosphere of university campuses. On April 20, pro-Palestinian protests continued at Harvard, with the US government pressuring multiple universities, including Harvard and Columbia University, citing "anti-Semitism." On April 24, gatherings in support of Palestine erupted at the University of Texas at Austin and elsewhere, further escalating the conflict between universities and the government. In March 2025, the Trump administration demanded Harvard rectify its policies, including shutting down Diversity, Equity, and Inclusion (DEI) programs, combating "anti-Semitism," and threatened to freeze federal funding. On April 11, the US government sent a letter to Harvard demanding "meaningful governance reforms and restructuring," or else it would cut federal funds. On April 14, Harvard officially rejected the federal government's requests, including submitting international student disciplinary records and reforming admissions policies. On April 16, Secretary of Homeland Security Alejandro Mayorkas demanded that Harvard submit detailed information on all international students from 13 colleges within 10 working days, including records of "illegal and violent actions." On April 21, Harvard filed a lawsuit against the Trump administration in a federal court in Massachusetts, accusing it of unconstitutional behavior regarding the freezing of $2.2 billion in federal funding and attempting to control academic decision-making. On April 30 and May 14, Harvard submitted international student information to the Department of Homeland Security in two parts, but the government deemed the responses "insufficient." On May 5, US Education Secretary Linda McMahon announced the cessation of a new round of funding for Harvard. On May 12, Harvard President Alan Garber issued an open letter emphasizing that the university does not take sides in political parties but refuses government interference in academic freedom. On May 13, the US government announced the cancellation of an additional $450 million in funding on top of the already frozen $2.2 billion. Harvard filed a supplemental lawsuit on the same day. On May 22, the Department of Homeland Security unexpectedly revoked Harvard's Student and Exchange Visitor Program (SEVP) certification, prohibiting it from enrolling international students and requiring the existing 6,793 international students to transfer, or face deportation. On May 23, Harvard again sued the Trump administration, alleging that the SEVP ban was unconstitutional and requesting a temporary restraining order. Federal Judge Allison Burroughs in Boston urgently halted the ban, ordering the status quo to be maintained until a hearing on May 27. Harvard achieved a temporary victory.
At the May 27 hearing, the judge will decide whether to permanently block the SEVP ban. Columbia University has compromised, but MIT, Cornell, and other institutions are still resisting. This event has become a symbol of the power struggle between US higher education and administrative authority, and the outcome may reshape the boundaries of academic freedom and political interference.
