[Analysis: On-chain data signals a bear market, traders bet on the Fed holding rates steady in April] According to a report by Jinse Finance, Bitcoin on-chain data shows that market participation remains sluggish, spot demand is weak, and liquidity is tightening. The price of Bitcoin hovers around $75,000, signaling a clear and comprehensive bear market. The U.S. spot Bitcoin exchange-traded fund (ETF) has shifted from being a net buyer to a net seller, while the Coinbase premium remains negative. This highlights a significant decline in U.S. market demand, which once served as a core driver of Bitcoin bull markets. The overall macro environment, including market expectations of the Federal Reserve maintaining its policy stance and the political pressure surrounding interest rate decisions, continues to suppress market liquidity and weigh on crypto and tech-related risk assets in the Asian region.