#比特币价格波动 I just noticed that the Bitcoin price has shown significant fluctuations, testing the key support level of $100,000. This trend is worth watching as it reflects a shift in market sentiment. The strengthening dollar and uncertainty in Federal Reserve policy are the main driving factors. More notably, the fund flow of the U.S. spot Bitcoin ETF has reversed, with net redemptions of about $1.3 billion for four consecutive days, exacerbating selling pressure.

From the on-chain data, this wave of decline triggered over 1 billion USD in passive liquidations, further amplifying price fluctuations. The short gamma positions of market makers are also contributing to the momentum. Moving forward, I will closely monitor the performance at the key level of 100,000 USD, as well as the changes in ETF capital flows. These two factors will largely determine whether short-term market sentiment can reverse.

Investors are advised to remain cautious and closely monitor large on-chain transfers and the flow of funds in exchanges, as these may provide important clues about future trends. At the same time, attention should also be paid to the movements of institutional investors, as their actions often guide market direction.