The market has been a bit dull these days, with Bitcoin fluctuating around $89,800 and down 1.2% intraday. It's not a major trend, but looking at exchange data is a bit heartbreaking — 80,000 traders were liquidated within 24 hours, totaling over $200 million.

What’s more worth noting is the tug-of-war among several forces behind the scenes. The US spot Bitcoin ETF has experienced outflows for three consecutive days, indicating that institutional investors are becoming more cautious. Meanwhile, the US dollar index is still strengthening, which undoubtedly puts pressure on Bitcoin priced in dollars.

On the supply side, the Department of Justice recently approved the sale of 69,370 BTC seized in the "Silk Road" case, and this potential selling pressure makes the market even more cautious. Considering these factors, investors should remain cautious in the short term, as market sentiment is clearly leaning towards conservatism.