Under the pressure of 110,000 from above, the weekly closing situation of Bitcoin last week was not ideal, and the trading volume has significantly weakened. In fact, the trading volume in recent weeks is far less than that of the same period last year. From Figure 1, it can be seen that the 7-day average trading volume of Bitcoin in June last year compared to June this year has decreased by 350,000 transactions, reaching the lowest point in 19 months, weakening by about 60%. The market seems to have entered a state of 'deathly silence'.

The stablecoin reserves reaching a historical high is also something we should pay close attention to.

The holdings of USDT have exceeded 45 billion USD. These funds are like 'mercenaries' gathered at the border. This capital can be converted into ammunition for bottom buying or become fuel for shorting. This situation reflects the inconsistency and wait-and-see sentiment in the market.

From this, it can be concluded that the supply and demand for Bitcoin has now reversed, new funds have not yet entered, and the price remains trapped in a stalemate of high prices and bottom demand. $BTC