On a macro level, Boston Federal Reserve President Collins recently stated that the timing for a rate cut in July is not mature. The Federal Reserve will cautiously assess various economic information in the coming period and plans to restart the rate cut process later this year. This clear decision-making rhythm gives market participants a clearer expectation of changes in the macroeconomic environment and prompts them to reassess their strategies.

In the United States, White House digital asset policy advisor Bo Hines confirmed that the U.S. is actively preparing for the construction of strategic Bitcoin reserve infrastructure. Although the Trump-related executive order did not require the Treasury to publicly disclose existing Bitcoin holding reports, there is a possibility of proactive disclosure by the U.S. government. Furthermore, the U.S. government tends to increase Bitcoin holdings in a budget-neutral manner, and this strategic layout will clearly have a significant impact on the supply and demand dynamics of the crypto market.

In terms of regulation, Tim Scott, chairman of the U.S. Senate Banking Committee, announced that the completion date for the cryptocurrency market structure bill has been postponed to September 30, exceeding the August deadline set by Trump. The introduction of this bill will provide critical institutional support for the healthy and orderly development of the crypto market, and its progress has become a focal point of industry attention.

In the crypto space, in response to the proposal to establish a Bitcoin treasury, Coinbase CEO Armstrong stated that the company is increasing its Bitcoin holdings weekly. This move not only demonstrates the confidence of leading crypto platforms in the market but also stabilizes player sentiment to some extent.

On-chain data indicates that Bitcoin's recent price movement is stabilizing, with turnover gradually decreasing. Short-term players remain the main trading force, while early holders are mostly in a wait-and-see state. The $93,000 to $98,000 range remains a key support zone, but there has been some capital outflow in the $100,500 to $105,000 range, reflecting the instability of short-term funds.

Overall, the current Bitcoin market lacks liquidity and exhibits low volatility. Unless there are significant macroeconomic shocks, it is likely to maintain a range-bound oscillation trend.