Bitcoin's key signal, volatile and bearish fluctuations make you complacent I woke up and checked the flow of ETF spot funds. Oh my goodness, ETF institutions are experiencing a net outflow of $334 million again! Institutions are distributing at high prices, those big V players who shout for current prices to buy at the bottom every day and the bull market is still here, come out and take two steps! Are you more advanced in research and financial strength than ETF institutions? Let's first take a look at a set of key signals, so we won't panic after reading them: (1) The price has fallen below 76000, and the May monthly line is likely to close in the range of 75000 to 76500; (2) ETF has had a net outflow for 7 consecutive days, with a single day outflow of $334 million on May 26th and a cumulative outflow of $2.26 billion over the past two weeks; (3) IBIT saw a bulk transaction of 1.3 billion US dollars, with prices dropping from 78000 to below 76000; (4) The US Iran negotiations' will take a few more days', military strikes have occurred, but there is still a possibility of reaching an agreement; (5) PCE data was released on Thursday, and if it exceeds expectations and becomes hawkish, it will accelerate its decline; (6) 75000 to 75500 is currently the most critical technical defense line, holding it will cause oscillation, and losing it will accelerate; (7) The probability of the Bank of Japan raising interest rates in June has risen to 70-80%, and medium-term bearish sentiment is approaching. [Action Principle] The only uncertain factor now is the potential benefits of the US Iran agreement, which can only be officially announced and implemented in the year of the monkey and the month of the horse! This so-called potential positive expectation has given the bulls the last glimmer of hope! As long as this first line of positive news turns negative, the last lifeline for bulls will be burned! Do not open heavy warehouses before the end of May. Before the PCE data is released on Thursday, we will mainly adopt a wait-and-see approach. The protocol pulse to 77500-78500 is an opportunity for short orders to add positions, not a reason for chasing long positions. Breaking below 75000 requires vigilance and acceleration, as there are already short positions to continue holding.