#ETF市场需求变化 Looking back, the Bitcoin market has always been volatile. This recent drop below $90,000 reminds me of the recovery periods after multiple major declines in the past. From the data, one of the main reasons is the slowdown in ETF capital inflows. The BlackRock iShares Bitcoin Trust has experienced six consecutive weeks of net outflows, totaling over $2.8 billion, indicating weakening demand from institutional investors. Meanwhile, macroeconomic uncertainties are increasing; the Bank of Japan may raise interest rates, and US inflation data, although cooling, remains above target. These factors combined triggered a forced liquidation of nearly $500 million.

Historical experience tells us that the market is always cyclical. The current level around $90,000 is a critical point; without new capital inflows or easing macro pressures, it could further decline to $86,000. However, in the long term, targets like JPMorgan's forecast of $170,000 in 2026 are still worth looking forward to. For investors who have experienced multiple bull and bear cycles, maintaining patience and controlling risks are especially important. The market may continue to fluctuate in the near future, but this could also be a good opportunity to accumulate positions.