Despite Powell's continued statements against early rate cuts, which have caused dissatisfaction for Trump, the independence of the Federal Reserve remains difficult to shake. In contrast, the impact of tariffs on the market is gradually diminishing, and risk assets are becoming increasingly immune to trade frictions between China, the U.S., and Europe.
BTC is currently stabilizing around $85,000, with positive market sentiment. The decrease in turnover rate indicates that short-term funds are mainly in a wait-and-see mode.
It is noteworthy that the $83,000 area has formed a rare strong bottom, while holders at high levels ($93,000–$98,000) remain unusually stable, reflecting the market's high expectations for BTC in the medium to long term.
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