BTC: As of June 12, 2025, the current price of BTC is $107,600; yesterday's closing pattern was a 'small bearish candle,' with trading volume significantly reduced, indicating that market trading has become cautious, and short-term bears have a slight advantage.

On-chain data shows that yesterday, the net inflow of Bitcoin ETFs in the U.S. was 1,493 BTC (approximately $165 million), reflecting stable confidence among institutional players. However, the turnover rate continues to decline, and short-term holders are gradually reducing their positions. Although market sentiment is not panic-stricken, reduced liquidity may amplify volatility.

At a macro level, the worsening geopolitical situation in the Middle East (such as the evacuation of the U.S. embassy in Iraq) has triggered a pullback in global risk assets, but the impact is limited, resembling the short-term adjustment following the U.S. withdrawal from Afghanistan in 2021. The dynamics of U.S.-China trade and Federal Reserve policies remain dominant factors.

Overall, we still judge the current situation to be in a phase of a temporary top range. However, the chips in the $93,000 to $98,000 range still constitute strong support, and the reduction of holdings in this area is decreasing, indicating that the remaining holders are mostly long-term holders. As long as this portion of funds does not experience concentrated selling pressure, even if Bitcoin encounters a downturn, the adjustment space will be relatively limited.

Long-term entry points: $88,800 - $89,100 range; $82,500 - $82,800 range;

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