BTC： As of April 9, 2025, the current price of BTC is $77300; A small bearish candlestick with an upper shadow has closed at the daily level, indicating a decrease in trading volume compared to the previous day, indicating that bearish forces have temporarily gained the upper hand. On chain data shows that the US spot Bitcoin ETF had a net outflow of 4123 units worth $326 million yesterday, reflecting cautious sentiment among institutional players and increased selling pressure. The market turnover rate has decreased, which may be related to a brief rebound in sentiment the day before. According to URPD data, holders in the range of $92000 to $97000 only lost 5000 BTC, indicating that long-term holders are not panicking, while players around $83000 have experienced significant losses and left. Short term selling pressure mainly comes from short-term holders. At the macro level, the escalation of the US China trade war and the implementation of 104% tariffs have raised market risk aversion, causing the VIX to soar to 57.52, and both the Nasdaq and S&P to decline. The market's expectation for the Federal Reserve to cut interest rates five times in 2025 has risen, but historical experience shows that the Fed is more focused on inflation rather than recession, and unless the GDP data at the end of April is extremely poor, the probability of a rate cut in May is low. Overall, if the tariff policy continues to be high tonight, Bitcoin may further decline; If tax rates ease, it may stabilize and rebound above $74500. The information and data in this content are sourced from publicly available materials and strive for accuracy and reliability. However, we do not guarantee the accuracy and completeness of the information, and this content does not constitute investment advice. Therefore, we assume full responsibility for investing based on this information.