[Analyst Says Bitcoin at a Critical Juncture, Macro Surprises Could Trigger Volatility] BRN Research Director Timothy Misir stated that Bitcoin is at a critical juncture, with long-term holders increasing their exposure while short-term buyers continue to incur losses. Recently, approximately 31,800 Bitcoins were transferred to exchanges in a loss state, and the number of wallets holding more than 1,000 Bitcoins grew by 2.2%, marking the fastest growth rate in four months. Misir pointed out that ETF outflows and insufficient institutional absorption of BTC and ETH have intensified market deleveraging shocks, leaving Bitcoin stuck in the approximately $9,000 range. The market is highly sensitive to scenarios of rate cuts or delays, and any macro surprises could trigger significant volatility.