Jian Geng: Bitcoin successfully returned to the $110000 mark on June 9th, appearing to have a strong rebound on the surface, but actually harboring hidden concerns. By observing the key indicator of "gradient of capital and price increment", we found that the inflow of funds did not increase synchronously, but instead formed a typical divergence structure. Looking back at the trend, the first divergence signal appeared on May 22nd, when BTC prices hit a new high. However, the indicator failed to rise synchronously and instead recorded a lower peak, indicating that the capital power in the market had begun to weaken at that time. The second divergence occurred on June 9th, and this time the funding indicators fell even deeper, further confirming the structural weakness within the market. This divergence is not the first time in history, and its trend structure is quite similar to that of April and December 2024- that is, during the short-term price surge, funds did not continue to flow in, resulting in weak subsequent upward momentum. Of course, the short-term rise in market prices is not entirely driven by capital, and in the current market environment with relatively low liquidity, player sentiment may also become a short-term driving force. However, emotions are difficult to sustain, and the existence of divergence means that market momentum may be overdrawn. Unless Bitcoin can achieve a strong upward trend in a very short period of time and completely reverse the current divergence, the market may face a trend of oscillation or even correction.