$BTC • Institutional Capital Inflow:

◦ Bitcoin ETF: This week net inflow of $1.37 billion, BlackRock (IBIT) single-week inflow of $1.1159 billion, clear signals of institutional buying on dips.

◦ Large Transactions: A trader (AguilaTrades) opened a $200 million BTC long position, with a holding of 1,894 BTC.

• Policy and Macroeconomic Environment:

◦ Federal Reserve Expectations: The market is focused on the Federal Reserve's interest rate decisions, and expectations of rate cuts and quantitative easing may drive capital inflows into the crypto space.

◦ Geopolitics: After the easing of tensions in the Middle East, BTC volatility has decreased, but potential risks remain.

◦ Policy Benefits: The Trump administration has included Bitcoin in the national strategic reserve, strengthening institutional confidence.