Analysis: Bitcoin investors remain cautious after CPI data release, with confidence split between buyers and sellers XWIN Japan analyzed that Bitcoin has been oscillating this week between sustained buying pressure and short-term cautious sentiment. The U.S. CPI data was largely in line with expectations, but the core inflation monthly rate exceeded forecasts, heightening concerns over rising interest rates. After the data release, $BTC dropped to around $76,700, rebounded to near $80,000, and then fell back to the $77,000 range. The deeper issue lies in the gap between long-term demand and short-term selling pressure: U.S. spot Bitcoin ETFs have seen net inflows for three consecutive weeks, with corporations and long-term investors continuing to accumulate; however, spot demand remains weak, Binance's $BTC reserves have reached a two-year high, derivative selling pressure is intensifying, and open interest hasn’t sufficiently decreased. Investors have shifted from FOMO to loss avoidance. Stablecoin liquidity and Coinbase buying signals indicate demand hasn’t disappeared, but confidence between buyers and sellers is divided. The macro environment remains dominant, with rising oil prices, high bond yields, and inflation concerns potentially limiting new liquidity.