[Analysis: Inflation suppresses rate cut expectations, Bitcoin cycle bottom still far off] Deep Tide TechFlow reports, on June 26, according to The Block, the higher-than-expected U.S. May core PCE inflation data (up 3.4% year-on-year, the highest since October 2023) has further cooled short-term rate cut expectations from the Federal Reserve. Bitcoin fell to an intraday low of $58,000 on Thursday, marking a new low since late 2024, and is currently fluctuating around $59,000. The U.S. spot Bitcoin ETF has recorded net outflows for six consecutive trading days, with a single-day net redemption of $696 million on June 25. Similarly, the Ethereum spot ETF has also seen outflows for six consecutive days, with a single-day outflow of $81.9 million. Analysts point out that Bitcoin's dominance remains around 55%, with capital showing more of a rotation toward quality assets rather than a full-scale withdrawal. CryptoQuant CEO Ki Young Ju stated that the 4-year rolling realized price risk/reward ratio has not yet reached historical cycle bottom levels, suggesting Bitcoin may still be far from the bottom of this cycle.