After eating and drinking well, I took a nap and woke up to find that my posture for getting up was still not right. Why hasn't the price of $BTC changed much? The three-step process needs to be repeated.

First: Let's see if Trump has said something shocking again. I checked and found an interview with Trump, but what he said was quite normal, including that he thinks Powell is a good person and believes Powell will cut interest rates. He also mentioned that the progress on tariffs is good, with positive developments except for Canada, so there are no delays in tariffs and macro aspects.

Second: It seems that it should still be related to the ancient whales, so I went straight to check the data. In the afternoon, when we looked at the data, we indeed found a significant amount of Bitcoin transferred mainly to #Binance, #OKX, and #ByBit. However, by the evening, the inflow for selling had decreased significantly, meaning that external pressure has started to weaken.

Third: The inventory on the exchanges has not continued to increase, but the consumption rate is not high. There are still over 15,000 BTC residing in the exchanges, all transferred today. Among them, Binance has the highest additional inventory, exceeding 10,000 coins, while OKX and Bybit each have around 3,000 coins in inventory.

So the basic logic should be that the selling by ancient whales has come to a pause, but the selling actions have not ended. There are still over 16,000 BTC waiting to be sold on the exchanges, which may be the main reason for the price suppression.

However, from a macro perspective, monetary policy, and tariff issues, everything seems normal. Moreover, Trump's speech has released some positive signals. The S&P 500 continues to rise today, breaking new highs, and the correlation between Bitcoin and U.S. stocks remains high, so this is not a systemic risk, and the overall situation has not changed.

This article is sponsored by #Bitget ｜ @Bitget_zh

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