#ETF市场需求变化 After analysis, the recent decline in Bitcoin prices is mainly influenced by three major factors: liquidation pressure, weak ETF demand, and macroeconomic uncertainty. Data shows that 140,000 traders were forcibly liquidated within 24 hours, resulting in nearly $500 million in losses. Notably, the iShares Bitcoin Trust has experienced net outflows for six consecutive weeks, totaling over $2.8 billion, reflecting weakening institutional demand. Meanwhile, hints of potential rate hikes by the Bank of Japan have also heightened market concerns.

On-chain data indicates that Matrixport transferred over 3,800 Bitcoins to cold wallets, showing that long-term holders are still accumulating. However, approximately one-quarter of the circulating supply is currently at a loss, and market sentiment is leaning towards panic. Without new ETF capital inflows or easing macro pressures, the range of $90,000 to $86,000 could face further selling risks. It is recommended to closely monitor ETF capital flows and macroeconomic indicators to grasp market trends.