#比特币市场走势 The latest data shows that Bitcoin is in the late stage of a bull run. The Spot ETF has recently shown a net outflow trend, with 2400 BTC flowing out in 7 days, but the 7-day average trading volume reached 545,000 coins, alleviating distribution pressure. On the macro front, the Fed has signaled interest rate cuts, and the decline in yields has provided support to the market, but there are still tariff and cost risks. Currently, BTC is fluctuating in the range of $111,000 - $117,000, with a 90-day yield of only 5%, indicating that the market has entered a consolidation phase. It is recommended to closely follow the movements of whale addresses and on-chain capital flows, and to be wary of the potential for significant fluctuations that may occur in the later stages of the bull run.