BTC: As of May 23, 2025, the current price of BTC is $110800; Yesterday's closing pattern was a "small bullish line", with a slight decrease in volume compared to the previous trading day, indicating that although the short-term bulls remained active, their momentum was slightly insufficient. On chain data showed a net inflow of 8528 US spot Bitcoin ETFs worth $935 million yesterday, boosting institutional fund confidence. Looking at the Hyperliquid platform again, four players used 40 times leverage to hold nearly $1.2 billion in BTC long positions, all of which were in a floating profit state, indicating a surge in market confidence. This phenomenon usually occurs in the middle of a main uptrend. At the macro level, Federal Reserve Governor Waller mentioned the possibility of interest rate cuts in the second half of 2025, with low interest rate expectations benefiting cryptocurrency assets. However, in the short term, the market may need to digest overheated sentiment. Overall, the MVRV model shows that the top of Bitcoin price is close to the red line (approximately $118000) and the bottom is near the yellow line. The pullback in 2024 has stabilized at the yellow line, and the current red line is a potential target for this round of market trends. The stock of Bitcoin on the platform has slightly increased (by about 4000 coins from the lowest value), with limited selling pressure; Long term holding (over a year) of Bitcoin continues to decrease, indicating that upward momentum is still present. The short-term Bitcoin daily level has deviated from the 5-day moving average, and it is expected that the current trend may need to be digested through a slight correction or oscillation in the next week. At that time, it may continue to rise again.