On Monday, although the price of $BTC rebounded slightly, the trading volume of the spot ETF remained poor. Notably, BlackRock's investors reduced their holdings by 2,500 Bitcoin, a figure that has been rare in recent months. Moreover, BlackRock's investors topped the list of reductions, while other institutions only saw reductions in the hundreds at most.

Many of you might be wondering why there was a decent rebound during Trump's speech, but suddenly it dropped, and now it has fallen below $113,000. From an informational perspective, it cannot be ruled out that the decline in the ISM Services PMI contributed to this, especially with both new import and export data declining, which may also be due to tariffs affecting global trade.

However, the essence of the U.S. risk market remains a game between Trump and the Federal Reserve, as well as the status of tariff progress.

This article is sponsored by #Bitget ｜ @Bitget_zh

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